Divorce And Your Financial Situation Going Forward
Posted on: 14 May 2019
Divorce is more than a split between spouses. Many of those facing divorce get so caught up in the emotional aspect of the process that they forget to protect their financial interests. Read on and learn more about how to weather the changes and keep your financial situation in top shape going forward.
Marital Property
Your divorce lawyer likely needs an inventory of everything that you own. That means a listing of everything purchased since the date of the marriage, including real estate, vehicles, bank accounts, investment accounts, valuable jewelry and artwork, tools, valuable furnishings, and pets. Additionally, consider sporting gear and collectibles, even if you have no interest whatsoever in the item. You never know when a trade can be made for something you do want. If the item was inherited or a gift to just one of you, exclude it from the list. Marital property is divided according to whether you live in an equitable distribution state or a community property state.
Marital Debt
Just as with marital property, marital debt is any debt taken on after the date of the marriage. The community property states view debt as the responsibility of both parties and therefore it's usually evenly divided. The equitable distribution states try to assign debt based on the name on the account. If you and your spouse have your own credit cards, you are both responsible for them. If you have joint debt and you cannot agree as to how it is to be divided, the judge may order you both to remain responsible for it. When it comes to martial debt and marital assets, the plan you and your spouse agree to does not need to follow the rules of the state where you live; the rules only apply when you are in disagreement.
Child Support
When you and your spouse decide on who will have primary physical custody of a minor child, you are also deciding on who will pay child support. In most cases, the non-custodial parent will be ordered to pay. This is one area where the parties are not free to come up with their own plans. There are strict rules about who pays and how much they will pay based on income.
Spousal Support
Be sure to let your lawyer know if you need spousal support as soon as possible. This form of support can begin as soon as one of you moves out and will continue until the divorce is final. Then it will turn into either rehabilitative support or permanent support. You are free to come to an agreement on this element, but if placed in the judge's hands they will look at income, earning capacity, age, health, age of the minor children, and more.
Speak to divorce attorney services to learn more about dealing with these financial issues and more.
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