Divorce proceedings require thoroughly reviewing all financial documents, including checking and savings account statements, retirement accounts, tax records, and credit reports. A list of shared accounts should be created to establish a balance sheet and identify assets brought into the marriage and those accumulated during the marriage.
Child Support
The court must enter an order for child support to cover the cost of a child’s basic needs, including food, shelter, clothing, and medical expenses. Typically, the judge uses a formula to calculate this amount and will consider both parent’s incomes. Sometimes, the court may consider extracurricular activities, entertainment, and travel expenses.
A family law attorney can explain that, like in an uncontested divorce Tampa, the courts generally expect child support money to be spent on a child, and there is no obligation for a paying parent to document how that money was used. The court will not want to get involved in petty arguments about how the child’s money was spent. Instead, it will investigate if it is evident that the child’s needs are not being met.
Alimony
While the dissolution of a marriage is often emotionally challenging, it also poses many financial challenges. Spousal support, known as alimony or maintenance in some states, is a way to ensure that a former spouse has reasonable financial needs met after a divorce. However, like property division, this issue can become highly contested during divorce proceedings.
A judge can order spousal support based on several factors, including need and ability to pay, length of marriage, standard of living, ages and health of both parties, and more. If your ex fails to comply with court orders on alimony, you can file a show cause action seeking enforcement. A lawyer can help you navigate this process. Consider divorce mediation to settle this issue amicably.
Division of Assets
A key aspect of divorce is dividing assets. Generally, any property you and your spouse acquired during marriage is considered marital property. It was separate property, such as an inheritance or gift one spouse kept exclusively. However, if that property was later commingled with marital funds (such as by putting it into a joint account), then that money could be considered part of the community estate.
A knowledgeable lawyer will help determine which property is community and which is separate. They can also look for evidence of dissipation, which is when a spouse uses marital assets to buy non-marital property or incur debt. This may be grounds for punishment during a divorce.
Property Division
Often, property division is one of the most challenging issues in divorce. It involves identifying assets and assigning values to them. Those values are then used to determine who gets what in the property settlement agreement.
Ideally, people with significant assets will create a premarital agreement or other legal arrangement outside of court that covers how they want to divide their assets and debts. This can make the process smoother.
However, that isn’t always possible. Many states follow either community property or equitable distribution laws. Individual laws and various factors will determine how those systems work. Deciding the value of real estate, cars, and stocks can also be challenging. It may be necessary to bring in a forensic accountant. This is an expensive proposition, but it can often pay for itself.
Financial Aspects of Child Custody
In some cases, divorce can be financially devastating. In addition to the expense of hiring an attorney, alimony, and child custody also have financial impacts. A lawyer can help you navigate these aspects of your case and reach a fair resolution.
Spouses often attempt to keep more than their share of assets in a divorce. Spouses can hide money through trusts, overseas accounts, and less sophisticated methods such as transferring cash or valuable items to friends or family members.
Establishing a separate financial identity is essential after a divorce. A lawyer can help you open a new bank account, update beneficiary designations on insurance policies, and more. This will protect your credit and help you become more independent. A lawyer can also assist with any tax implications of your divorce.
