Divorce is hard. There's no way to make this emotionally challenging time a walk in the park, but there is one way to make it simpler: hire a good attorney. A divorce attorney can act as your go-between during the proceedings, which minimizes the contact you need to have with your ex-spouse. Overall, this can lead to fewer arguments and a settlement that is more fair for all parties involved. If you're on the brink of divorce, we think reading a little more about divorce attorneys on this blog will be helpful. That way, you are prepared for what is to come.
Going through a divorce can be one of the most challenging and emotionally draining experiences anyone ca
Divorce and custody battles are often one of the most stressful and emotional experiences a family can go
Divorce can be a difficult and emotionally draining process. Couples who are going through a divorce ofte
Child custody cases are emotionally charged as they involve questions about the safety, well-being, and u
Divorce is a challenging and emotional process, often accompanied by disagreements and disputes over vari
Divorce may not seem like a financial matter at first. Once the emotional effect of splitting up diminishes, however, it may become clear that things are about to change. To make sure those changes don't bring financial ruin, read on for some things to keep in mind during your divorce.
1. Know what is and is not marital property. Marital property is not just the odds and ends that make up a life together, it's about assets that can be put to use making money for you. If you and your spouse bought it during your marriage, it's probably considered marital property. Things owned prior to the marriage or inherited are probably not marital property.
2. Marital property includes everything from vehicles, homes, businesses, artwork, jewelry, boats, antiques, precious metals, bank accounts, investment accounts, and more.
3. As soon as divorce becomes inevitable, perform an inventory of your marital assets. This is best done before your spouse knows you have retained counsel. If you are not sure about it, list it and let your attorney determine its status.
4. Get in the habit of thinking about marital property differently. What might not interest you now could turn out to be something you need in the future. For example, you might be more interested in keeping the family home, but that could be a financial burden for some. On the other hand, you might not want the vacation property, but that could turn out to be an income generator when you rent it out to vacationers.
5. Ask your lawyer about how your state deals with debt and property. Some states use the community property way and some use equitable distribution. That could impact you considerably.
6. Spousal support is alive and well and you should ask for it as early as the separation period if you need it. To show a need, you must prove that you earn less income than your spouse. Also, spouses who cared for the children of the family may be entitled to spousal support. If you are unable to earn income for any reason, you may deserve support. When the divorce is final, your support will become either permanent or rehabilitative, depending on your circumstances.
7. In most cases, child support will be ordered. The spouse that makes the most income is usually ordered to pay. Like spousal support, it can be ordered during the separation.
8. Divorce involves both sides giving a full accounting of their assets and financial situations. If you suspect your spouse is hiding assets, a subpoena can take care of things.
9. Finally, if your spouse has a 401(k), that is considered marital property (in most cases). Using a special order known as a QDRO (qualified domestic relations order), you can avoid paying penalties for an early withdrawal.
For more information, reach out to a company like Anthony Law Office.
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