Those divorcing are likely to encounter many financial matters. Divorce is all about money when it comes to the legal ramifications of parting ways. Most of these issues can be summarized using three categories. Read on and find out more about marital debts and property, minor children, and spousal support.
Marital Debts and Property
It's advisable to make a list of everything of value that you and your spouse own. If you know it was owned prior to your marriage, mark it as separate property. Then, mark any item that was given as a gift to only one of you or that was inherited. In most cases what is left on the list is marital property. That means the property can be subject to the rules in your state when dividing assets.
Debt is like assets in that debt held prior to the marriage is still considered separate debt. However, debt acquired after the date of the marriage could be separate debt in some states. Joint debt is marital debt and is subject to the community property or equitable distribution laws in your state. If you have debt or property, that has been combined with your spouse's debt or property, that is called intermingling. Talk to your divorce lawyer about intermingling.
Support of Minor Children
Your divorce will be a bit more complex if you have minor children. Both child custody and visitation are major parts of a divorce. However, financially, child support issues can loom large. The parent that makes the most income will probably be ordered to pay child support. The amount ordered is based on income and your state of residence. Once ordered, child support is in place for many years so be careful when submitting income information. Judges don't like to make changes in child support amounts, custody, or visitation since it disrupts the child.
Spousal Support or Alimony
Those that can show that need may be awarded spousal support. However, the providing party must be able to afford it and the receiving party must show why they need it. In many cases, those divorcing parties that are older, ill, or that have been out of the workplace for a long time are more likely to be awarded permanent spousal support. Others may be awarded rehabilitative support for a limited period to allow for education or job training. Spouse support usually ends when the receiving party remarries.
To find out more, speak to your family law services.Share