Divorce is one of the most painful and life-altering events a person can face. Two incomes become one income. Retirement planning is affected. Debts must be paid. Child custody must be determined. How can a person remain financially secure? We can help you through this major adjustment.
Division of Property
The division of property is one of the main functions of the family court. Separate and marital assets are determined and divided. What you may consider to be separate property could actually be marital property. What you consider to be marital property could be a separate asset that the court may not distribute to your spouse. It is important to have guidance on what is marital and separate property.
For example, marital property can include bank accounts that are in both or individual names, real estate held in the name of only one spouse, or the pension or 401k of your spouse. The family court may consider unnecessary wasting of marital property when dividing assets. Spouses can sometimes attempt to give large marital assets to relatives to avoid distribution by the court. A court will sometimes give credit to the harmed spouse for these assets that were given away.
There are legal rules that the court will use to determine whether an asset is marital or separate. We will help you navigate this process.
Division of Debt
The family court cannot extinguish your debts. What the court can do, however, is order a party to pay a debt. It is important to determine what is a marital debt and what is a separate debt. A debt in the name of only one party can be a marital debt in some circumstances. It is important to know the rules on debt distribution.
Your spouse may owe you either temporary or permanent spousal support. Every divorce case is different and whether spousal support is awarded is determined by multiple factors. Depending on the circumstances, family court can award spousal support/alimony on a temporary or permanent basis.