How Does The Division of Assets Work In A Divorce?

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About 40 to 50 percent of married couples in the United States are going through a divorce. It’s particularly unfortunate as  women tend to be psychologically and emotionally affected by divorce. Usually, divorcing couples have no clear-cut state of emotions to make appropriate decisions on the division of matrimonial assets and child support. In fact, it’s advised that couples immediately consult with an experienced divorce attorney so that their interests are fully represented at the beginning of this process.

If you are in the middle of a divorce, these problems may sound familiar. If you can’t resolve these matters, or you fail to resolve specific issues from the get-go, this will become a bigger problem as. If the divorcing couples cannot resolve all these matters, then it will be decided by the family court judge following a trial on the issues. The judge will review the details of the requests and the underlying facts considering the desires of both parties.

Division of Matrimonial Assets

You should talk to a lawyer who will ascertain the net worth of the assets to be shared. These assets include those that were acquired by either or both of the parties during the marriage to the date of separation excluding pre-marital gifts or inheritance from a third party. The financial burden of your kids and the need for the separated spouses to adjust their finances to the divorce are considerations a judge will make in the division of matrimonial property.

Also, the judge also considers factors such as an agreement between the parties on the ownership and division of property. In the division of financial assets, if it was the man who wasted away the family finances, the judge will consider far away from equal sharing. Primarily, each case is different, and judges make decisions based on circumstances.

How does Child Support Work?

Deciding who and how to raise a child is like looking for a needle in a haystack because both parties have strong emotional attachments to their children. However, each party always wants to have custody of their own despite having a divorce. If the divorcing couple cannot reach a resolution on all of these matters, then they will be decided by the family court judge following a trial on the issues.

Particularly for women, you need to show the court that awarding you full custody is in the best interest of your child. You need to show and exhibit a healthy relationship with your child, and that you have ability to provide a quality and stable life to your child. But just because you want your child to live with you doesn’t mean that is necessarily right. Your child needs both their parents in their life, so be willing to compromise and put the child first.

Divorce can be an incredibly difficult time, so be sure to reach out for the support that you need..

References:

American Psychological Association

Coover Law Firm

Livestrong

Nolo

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