There are plenty of financial decisions to make during a divorce. You want to make sure that you are not rushed and that you do everything that you can to get your post-divorce finances off on the right foot. A Morton divorce lawyer can help you do this as they guide you through the divorce process and advocate on your behalf.
How Are Property and Debts Divided During a Divorce?
Any property that you and your spouse own together is considered marital property. So if you have a home with your names on the deed, a car with both names on the registration, or anything else that you purchased together or received as a gift, that’s going to be split up during the property division process.
Some other things can also be considered marital property, including the income of both spouses. This is true even if you maintain separate bank accounts. Any debts are also considered marital property, so those need to get allocated as well.
What is Considered Separate Property?
A separate property is something that just belongs to one spouse. If they came into the marriage with it or received it as a gift or inheritance meant just for them, then it should be considered separate property and could go back to them.
This can sometimes get complicated though. If a spouse owns a business and puts marital funds into it, that can make it marital property. Putting a spouse’s name on an inherited property’s deed could also make it subject to the property division process. If you are looking at a situation like this, we can help you decide if going after these assets is worthwhile.
Will I Get Alimony After a Divorce?
You could receive alimony after a divorce, but most types of spousal support only last a limited amount of time. It’s important that you do not rely on such an agreement lasting forever. The court can also modify alimony agreements based on a change in circumstances, so it may be wise to consult your lawyer before making major life changes like moving in with a new partner or getting married.
How Can I Invest in My Own Financial Future After a Divorce?
Your divorce does give you a chance to take stock of your assets and plan for the future. Look at what you have and how you can best make use of it. Maybe you got the house in the divorce, but it would be more practical to sell it and downsize to a smaller home. Do you keep some of these investments or sell them off? Now is the best time to figure out what you can do with what you have, and what you should do to secure your financial future.
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So if you are going through a divorce and you want to protect your best interests and your finances, contact Butler, Giraudo & Meister, P.C. We can help you navigate this process and make financial decisions that can set you up well for the future.