What You Should Know About Divorce And Finances
Posted on: 8 June 2016
Divorce can end up being pretty costly, especially if you and your spouse don't agree with each other on the division of your assets. You have probably wondered how a divorce will affect your assets and property. There are some things you should know about divorce and finances, and these are just a sample.
Prenuptial Agreements
You might have signed or had your spouse sign a prenuptial agreement before you got married. Now that the time has come that you want a divorce, you might be wondering if that agreement is enforceable. The truth is if you had a lawyer draw up the papers and it was done correctly, then yes, the agreement is legally binding and enforceable. You might want your lawyer to take a look through the agreement to make sure what it covers before filing the divorce papers, or as soon as you receive them.
Marital Property and Assets
Marital property includes any property or asset you obtain during your marriage. This doesn't mean any property or asset that you or your spouse received by inheritance or was given as a gift. It also does not include any property or asset you or your spouse acquired prior to your marriage. It also includes the property value of an asset owned prior to marriage if that value has increased during the duration of the marriage.
It is believed that all marital property and assets are divided equally between the spouses, but this isn't necessarily the case. The court will divide the assets equitably by considering factors such as age, health, and each person's financial contribution to the marriage. It will also take a look at each person's future ability to earn an income and acquire future assets. The division of property is not set in stone; it is decided on a case-by-case basis, and each state has their own laws governing it.
Alimony
Alimony isn't automatically given to the wife and it is not meant to be paid for the rest of their life. Alimony is usually awarded only in the event of the spouse being found to be dependent on support money or to continue the standard of living they are accustomed to. This is determined by weighing factors such as their ability to pay for their own needs, their employment prospects, and if the other spouse is able to continue to support the dependent spouse after the divorce.
Alimony is typically only allotted for a period of time that the recipient spouse can get training to obtain a better job and increase their ability to support themselves. The length of time alimony is to be paid is usually longer if the couple has been married for a long period of time. If there is no set date in which alimony is to cease, then it will continue until the court says otherwise. If the paying spouse passes away, the payments will come out of the estate until the specified time, unless the court determines otherwise. Contact a company like Blumenauer Hackworth to learn more.
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