Anyone considering or facing divorce should understand the legal implications of the process. You should prepare for these three issues.
Dividing Assets and Liabilities
Everything commonly held from the marriage is fair game during a divorce. Notably, what counts as commonly held will vary depending on which state the former couple lives in. States use two general systems, equitable distribution, and community property, for determining which items count as marital assets. You should work with a divorce law group licensed in your state to ensure your counsel will understand the specific rules where you live.
There also may be some balancing regarding assets that aren't highly liquid. For example, one former partner might want the house, but the other might prefer to sell the house and split the proceeds. Usually, a divorce law firm can sort things out with a bit of back-and-forth dealing with the other side and their counsel. For example, one person might take the house in exchange for the other carrying a reduced spousal support obligation.
An ex-couple will also have to resolve outstanding debts and tax bills. Depending on the circumstances, they could pay them off or assign them to a particular one of the two former partners.
Kids
Child custody, support, and visitation will also factor into cases involving marriages that produced offspring. Generally, the courts will allow for some form of joint custody as long as there isn't a compelling argument for not doing so. Similarly, a good divorce agreement should provide a structure for when each parent will have time with the kid. Likewise, the person with primary physical custody will usually get child support payments from the other parent.
Alimony
Spousal support is also relevant in many cases. Each state has laws regarding how much spousal support will be. Usually, the state will award spousal support based on how long the marriage was and how dependent one partner was on the other. The judge may also account for medical needs if one partner has a disability.
A court can also factor in contributions to the success of one partner or the other. If one spouse contributed significantly in supporting the other while they pursued their college education, for example, the supportive spouse may have a greater claim to alimony. How this plays out varies based on your state's laws. Also, the two parties can make an agreement that's inconsistent with state law as long as the judge doesn't believe it's inequitable.
Reach out to a divorce law firm to learn more.
Share28 December 2022
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