Financial Questions in Divorce Proceedings

When it comes to getting a divorce, one of the main concerns is money. This is because you are splitting up assets you got while together and are not only responsible for the bills you had, but each of you will have separate bills to pay on top of what needs addressed from the marriage.

 

Asking the right questions about money during a divorce can clear up a lot of issues so you aren’t struggling after it is all over. The first question to ask is who will get to keep the house. Both of you should consider the costs of keeping a home and whether you can handle them on your own. Then, you can decide who should keep it, or you can decide to sell the home.

 

The next question involves the amount of money needed to support the children. Some states, like New York State, require child support to be set up and have a standard formula in place to determine the amount of support. There may be additional activities or costs the children will need covered, and those should be discussed in court during the divorce.

 

A third question to ask is, who should cover the health insurance costs for the children? You also need to consider how you will get covered by health insurance if you were previously on a policy your spouse had through their work.

 

Debts and Retirement Accounts Need to be Discussed

 

The fourth question regards how the debts related to the marriage should be split up. This includes credit card debt and any other outstanding debt that was accrued during the marriage. If a debt is in your name and assigned to your spouse, try to get that debt refinanced so creditors do not come after you when and if your spouse fails to pay that debt.

 

Another question that is important to address is, what will be done with any retirement accounts and benefits? This needs addressed because a spouse may be eligible for part of the other’s retirement benefits, even though those are not yet able to be withdrawn. If that is deemed the case, a Qualified Domestic Relations Order can be issued so the spouse gets their share at the time the funds can be withdrawn.

 

Alimony is an Important Consideration

 

Finally, the issue of alimony should be addressed. Various factors contribute to whether alimony will need to be paid and which spouse will pay the other. Consider the salary both partners earn and the length of the marriage. Also consider other relevant factors. If a prenuptial agreement is not in place, a judge may issue a decision on alimony if the two partners can not agree.

 

For those who feel these questions are too big to answer on their own, consider contacting legal counsel. Experienced lawyers like those who work in the Law Office of Anne Dowden Saxton can help you come up with answers to these challenging questions. Then you are more prepared to handle the situation in court.

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