In fact, divorce can redefine the finances of both the spouses because the ones that were interwoven before will become individual after the proceedings. Looking after the financial aspects is as much the job of your lawyer is handling the case is. So you should discuss the entire financial issues with them openly. Here are the ones that you should address.
Also referred to as spousal support, alimony is the amount that one spouse pays to the other who needs financial support. It can be classified into temporary, rehabilitative and permanent types. While temporary alimony is paid while the divorce proceedings are on, permanent alimony is final settlement awarded after the divorce. Rehabilitative alimony is paid to assist a former spouse financially while they improve their employability. It can be a one-time lump sum amount, paid periodically as installments or in the form of property.
If you have minor children, child support is another financial issue that you would need to discuss with your lawyer. Family courts make it a point that the needs of the children are looked after and their interests are met as the parents separate. The calculation of child support is done on the basis of individual needs of the children and the financial condition of each of the parents to find out the share that each of them can contribute for the child.
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Division of property
The court considers the assets acquired during the course of marriage as marital property. On the other hand, any assets that either of the spouses receives by inheritance or own prior to the marriage are regarded as separate property. During the divorce, the marital property is divided using an equitable distribution model. Equitable is not essentially equal but fair and just. You can seek the advice of a Coover Law divorce lawyer for dividing the property amicably by negotiation and mutual understanding.
While discussing the division of assets, you also need to talk about hidden or concealed assets. Ideally, none of the spouses should indulge in concealment because it will not do them any good. It can add complexity to the divorce and even have the two parties involved in the long legal battle. If you suspect that your spouse is concealing assets, let your lawyer know so that he or she can help you in addressing the matter.
Taxes are another financial concern that you cannot overlook while going through a divorce because these have a far-reaching impact on property division and alimony. Since there are some state norms with respect to taxation on the property divided during the divorce as well as the alimony amounts, only an expert lawyer can help you in handling these issues.
While you understand that the assets are to be divided between the divorcing spouses, there may be some debts that you owe as a couple. These are the existing obligations acquired as a couple during their marriage and could be in the form of home mortgages and students loans. Make sure that your lawyer knows all about your debts because these also have to be negotiated as a part of the proceedings.
High net worth
Couples with high net worth can experience several financial challenges during a divorce. This usually happens for those who possess significant real estate, multiple assets and complex financial investments as these needs to be valued accurately and divided amicably between both the parties. In these circumstances, divorce lawyers of both parties have to play critical roles to ensure that each of the spouses gets fair shares without dragging the case into useless disputes.
People tend to overlook retirement funds and accounts during property division but these too are a marital property just like other mutually-owned assets. Division of these funds can be complex, considering that the administrator of the retirement plan is involved too. This means that only mutual negotiation may not work while dividing this particular asset and a lawyer must get involved to address the complex issues involved.
It is best to communicate openly with your divorce lawyer and inform that about all the financial aspects like your mutual assets, investments and debts. They can guide you and assist you in addressing your concerns and closing the issues amicably.