Dividing
Property and Debts
States
have their own provisions for dividing property at divorce. Many
divide only property acquired during the marriage. If you and
your spouse are unable to agree on who gets what, the court will divide
the property based on various factors. The court may consider
the contributions of each spouse to the property, the contributions
of each spouse to child care and homemaking, the financial resources
and needs of each spouse, the fault in the breakup of the marriage,
and the income and career potential of each spouse. Your lawyer
can help you obtain a fair division of property and help you avoid overlooking
valuable assets such as pension and retirement rights.
You
and your spouse can agree on assignment of responsibility for your debts.
If you are unable to agree on a division of responsibility, the court
will probably apportion them in accordance with the same kinds of considerations
used to divide the property of your marriage.
Tax
Considerations
A
divorce has important tax consequences. Custody can affect your
taxes, including your right to claim dependent exemptions, and child
care credit. The property division may also affect your taxes.
Your lawyer can advise you about the tax aspects of divorce to some
extent; however, you may wish to also consult with an accountant.
Conclusion
Divorce
is emotionally and financially complex. It is important to see
a lawyer to protect your rights and your future. Your lawyer may
help you to save your marriage by referring you to marriage counseling.
If divorce is unavoidable, your lawyer can help you take the steps to
end the marriage and advise you about obtaining custody of your children,
support, and a fair division of property.
This
page is intended to provide general information only. Laws develope
over time and differ from state to state. This page does not provide
legal advice about specific legal problems. Let us advise you
about your particular situation.
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