There are many factors to consider throughout the process of a divorce. From child custody to alimony, you want to make sure your priority is to protect yourself, your children and your assets. There are several financial concerns that need to be addressed during a divorce. Here are some financial considerations that should be taken into account to help protect your financial future, your assets and your financial stability:
What is marital property? Martial property is defined as property that belongs to both spouses versus separate property, which only belongs to one spouse. For example, items owned prior to your marriage may be considered separate property, while assets purchased together, such as a home or car, may be considered marital.
Defining what property should be considered separate or marital is critical. In some cases, property that one spouse thought as solely their own, may be considered marital and vice versa. Look for supporting documentation that shows that you may have specific items or assets that do in fact belong to you. This is often an issue that is disputed by both parties and providing documentation that an item is yours will help protect the assets you own.
Examples of separate property:
- Items acquired through a gift
- Items acquired prior to the marriage
Examples of marital property:
- A home purchased during marriage
- Vacation homes
- Marital debts
- Retirement assets
Income & Support
Spousal support and child support need income verifications from both spouses in order to be determined. Income does not only refer to employment income, but can also refer to work bonuses, capital gains, disability benefits, Social Security benefits, and more. Having a realistic expectation of the support you expect to be awarded will help you plan your financial future. Many factors are taken into consideration prior to awarding support, including the children involved (if any), monthly medical needs, the length of the marriage, the presence of marital income-producing assets and more.
Harden Law is a family law firm located in Fort Mill SC. Serving most parts of SC, including Rock Hill SC, Harden Law firm also specializes in estate planning. Divorce can affect many areas of your life, including your finances. Let us help keep your financials on track with divorce help and estate planning. Contact us today by calling 704-507-1151.