A couple's finances are an important component of every divorce. Focusing carefully on the financial element is critical to your financial future, and an experienced Belton divorce attorney can help. Let’s take a closer look at your divorce financials.
For many divorcing couples, their family home is their most significant investment, and it becomes the focus of their divorce financials. If you and your divorcing spouse purchased the home while you were married, it is very likely that it is marital property, which means its value will need to be divided equitably – or fairly given the circumstances – upon divorce. Generally, this means one of the following:
Both of you selling the home outright and dividing the proceeds
One of you remaining in the home and providing the other with his or her share of the equity (either with other marital assets, with funds from a loan taken for the purpose, or with payments over time)
If one of you owned the home prior to marriage, it may qualify as separate property, but any increase in value since your marriage is likely to be considered marital (and will need to be divided accordingly). The financial value of your home can also be complicated by the fact that one – or both – of you may be vying to remain in it (as the primary custodial parent) with your children. (Relocating after your divorce? Read this article to learn more about your relocation)
Additional assets include anything of value that you and your spouse acquired over the course of your marriage. Examples include:
Any additional properties
Your financial portfolio
Your bank accounts
Your retirement accounts
The equitable division of marital assets can become very complicated very quickly and requires careful consideration from the outset. For example, if your divorcing spouse has a robust retirement account that he or she brought into the marriage with him or her, that is not necessarily the end of the story. While the value of the account when you married is likely separate property, the amount that it has increased in value may well be marital property. (Texas Divorce: Is Your Spouse Hiding Assets?)
While many divorce terms do not include alimony, it can play an important financial role in those divorces in which one ex experiences a significant financial downturn and the other has the means to help. Except in highly specific situations, alimony is generally intended as a temporary fix that allows the recipient the financial boost he or she needs to become more financially independent through either education, job experience, or job training.
Speak with an Experienced Belton Divorce Attorney Today
Brett Pritchard at The Law Office of Brett H. Pritchard – proudly serving Belton, Texas – is an accomplished divorce attorney who has the resources, experience, and legal insight to help you. Our dedicated legal team is on your side, so please do not hesitate to contact or call us at 254-501-4040 today.