What happens in a Divorce?
When parties decide to divorce, they are looking to bring an end to the partnership that they have created. It allows them to no longer be responsible for the legal obligations that come with a marriage. In most cases, it is necessary to resolve issues of property and debt distribution before a divorce decree is entered. Division of property and debt may not necessarily be an equal division. In splitting assets and debts that were accrued during the marriage, the court may consider factors such as the length of the marriage, the earnings and earning capacities of the parties, the ages and health conditions of the parties, and the contributions each party has made to the marriage.
What are the factors that the court considers when deciding how to divide assets and liabilities?
There are 11 factors the court considers, the following are among the most relevant and often scrutinized factors in determining the distribution of assets and liabilities:
- Age, health, income, employability, needs of each spouse;
- Length of the marriage;
- Contributions to the marriage, including the contribution of a homemaker, and the contribution of any party to the other’s education, training or increased earning power;
- Whether the party will be serving as a primary parent to dependent children;
- The expense of sale, or tax consequences associated with assets;
- Other assets of the parties
- The economic circumstances of each party; and,
- The standard of living of the parties during the marriage;
There are also issues that go along with distributing assets, such as refinancing any mortgages, transferring retirement assets, and other possible issues that require consideration in the decision process.
What do we do if we already know what we want to do?
It is possible for spouses or partners to come up with their own framework for division of assets and debts, financial arrangements, and parenting plans. I can create the necessary legal documents to effectuate the plans that you envision. I can also work with parties in mediation when they may have figured out most matters on their own buy may need some guidance in finalizing their negotiations.