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Financial Issues Common to Divorce
Divorce involves many complications, but one of the most prominent tends to be financial issues. Having a firmer grasp of the financial concerns that are common to divorce can help you move forward with increased confidence and purpose. If you’re facing a divorce, don’t wait to consult with an experienced Virginia divorce attorney today.Â
The Division of Marital Property
One of the most consequential financial components of any divorce is the division of marital property. All of the following apply:
- Those assets that you acquire during the course of your marriage – regardless of whose name is attached – are marital property that will need to be divided fairly (in relation to your marriage and finances) upon divorce.Â
- Those assets that you bring into the marriage with you (and that you maintain the separate nature of) are separate property that will remain yours upon divorce. The distinction between separate property and marital property can become very complicated very quickly.
- Factors such as high assets, business ownership, and financials that are obtuse to begin with tend to further complicate the already-complicated matter of dividing marital assets.Â
- Even those assets that you are able to keep clearly separate throughout your marriage, including businesses, investments, and retirement accounts, are likely to increase in value over the course of your marriage, and this increase will very likely be considered marital property (to be divided equitably). Â
Ascertaining what your marital assets are – in and of itself – can be extremely complicated (and can be made more so if your divorcing spouse engages in hiding assets or other less-than-honest practices). Â
Alimony
Alimony (also called spousal support) is another important financial component of some divorces. Alimony is the court’s way of addressing financial imbalances between divorcing spouses. If, for example, you face a financial downturn (relative to your lifestyle during your marriage) and your ex has the financial means to help cover this financial discrepancy, you could be awarded alimony.Â
Alimony tends to be a temporary fix that is intended to help the spouse with a financial need to become more financially stable. All of the following factors can affect whether alimony will play a role in your divorce, and if so, its amount and duration:
- The length of your marriage
- The size of the financial discrepancy involved
- You and your ex’s separate earning potential
- You and your ex’s individual age, health, and level of education
- Whether there are any mitigating factors at play (if you have a special needs child at home who requires additional ongoing care, for example)
- The length of time it would take the spouse with a financial need to become self-sufficientÂ
Reach out to an Experienced Virginia Divorce Attorney Today
The financial concerns that are common to divorce are extensive, but the resourceful Virginia divorce attorneys at Mahoney Richmond Thurston, PLLC, are well versed at skillfully protecting the financial rights of clients like you. We’re here to help, so please don’t hesitate to contact us for more information today.
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