During a divorce, many people can get lost focusing on their assets. However, depending on your situation, the debts accrued during the marriage may carry a heavier weight then you realize. Understanding what may happen to your debts in the event of divorce is critical for maintaining your financial well-being and ensuring an easier start after the divorce.
Understand Community Property Vs Equitable Distribution
The laws in the state you live in dictate how liable each partner is for the debts of their spouse.
Going through a divorce can be a tumultuous time in anybody's life. It's essentially the dissolution of a relationship that may have been very strong at one point. Along with the emotional matters, there's also the need to split up physical resources. In preparation for a righteous battle, your soon-to-be ex-spouse may have already hired a lawyer to defend them. However, if you're low on funds you might think that you just can't afford representation.
When you have made the decision to separate from the person you've been married to for some time, that cause some distress. When you hope to earn sole custody of your children, that can make the situation even more stressful for you. At such an emotional time, it's vital that you're able to take a step back and approach things in a logical manner so that you can get the outcome you're seeking.
Child support is designed to ensure that both parents financially contribute to raising a child. When child support is ordered by the court, it is required to be paid according to schedule. Unfortunately, not all parents fulfill this obligation, and the other parent may suddenly find that they are no longer receiving the child support that the children are entitled to. If your ex has stopped paying child support, take the following steps:
If you are going through a divorce, you are probably stressed and emotional. Even if you and your spouse are currently being civil and agreeing to the different aspects of the agreement, that can change quickly. If there will be spousal support involved, you need to have all the details of the payments included in the paperwork. This includes having a provision for when, how, and how much the alimony can be changed.