The Basics Of Financial Distribution In Your Divorce
If you are preparing to file for divorce, it's important that you understand some of the finer points about how your divorce settlement will be determined in court. One of the things that many people find themselves confused by is the financial distribution in their divorce. Before you file for your divorce, it's in your best interest to understand how your finances are likely to be separated. Here's a look at some of the factors that affect the distribution of your debts and assets.
How Long Were You Married?
You might not think that it matters how long you were married when it comes to the financial distribution of your divorce, but it is an important consideration in many states. The longer you were married, the more likely it is that you will have a 50/50 division of the assets and debts in your marriage. The thought process in this is that the longer you were together, the more likely it is that you made those commitments and earnings together.
If you have only been married for a few years, you may find that the courts are more likely to divide your assets and debts based on what you brought into the marriage. Each spouse would remain responsible for the debts that they individually brought into the marriage, while any joint debts would be split. The same applies to assets.
Was Either Spouse The Breadwinner?
Another thing that the court will take into consideration is the financial responsibility of each spouse. If one spouse was a stay-at-home parent, for example, they won't be held as financially responsible as the other party. Additionally, the breadwinner would often be considered responsible for the financial support of the non-working spouse because the situations arising in the marriage led to that spouse not working and being dependent on the breadwinner.
What Is The Situation That Led To The Marriage Dissolution?
While some courts won't consider the grounds of the divorce when determining financial distribution, some courts will take it into consideration when determining the distribution of assets and debts. In a fault-based divorce, such as ones where one spouse was unfaithful or abusive, that spouse may find that there's a punitive approach to the asset and debt distribution because of the behaviors that led to the situation.
Talk with a divorce law attorney today for more information about how your debts and assets are likely to be distributed so that you can start to prepare financially for your divorce.
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