What Divorcees Need to Know About Property Division

  • It can be challenging to write a property settlement agreement for divorce. However, it can be more difficult to determine how property division will look. There are many variables involved in this process. You may not know how to divide your property or what is marital property. This article will answer common questions about the division of marital property in divorce proceedings.

What do I need to hire a lawyer?

  • You can use an online calculator to calculate your legal costs. However, if there is a substantial amount of property or assets you might want to consult a lawyer. There are many gray areas to be aware of when dividing a marriage. You can learn more about the process of divorce, and what happens if your spouse doesn’t agree.

My spouse has hidden assets.

  • If your spouse has hidden assets, you should ask them to prepare and share their financial statements. 이혼 전문 변호사 You can complete IRS Form 4506T (Request for Transcript Of Tax Return) to do this. It is important to know that you have certain rights regarding divorcing property if your spouse is hiding assets.

I don’t know how much my spouse earns.

  • There’s a chance that you don’t know how much your spouse makes if you have been married for a while. Although many couples prefer to keep their finances apart, in some cases it can be risky to make financial guesses.

How does property division affect children if we have them?

  • As part of your divorce, a child can be awarded a financial award. Each parent has a legal obligation of financial support for their child up to age 18 or 21 if they are in high school. If you and your spouse cannot agree on the amount of money you should award your child (which is typically 5%-10% of each parent’s earnings), then a judge will determine that amount.

What role do taxes play in all of this?

  • Your tax status doesn’t change just because you are getting divorced. You file taxes together if you were married. This will continue until April next year, regardless of what happens to your relationship. It can be difficult to figure out how you file taxes if you have split up before April. This is especially true if one of your spouses worked part-time or stayed home to support your family.

Do you have any other information about property division in divorce proceedings?

  • It can be difficult for spouses to reach an agreement on the division of their property after a divorce. If spouses do not have a prenuptial or another document that sets out their property division expectations, the state law will determine how property is divided in divorce.