Jacksonville Attorney Quick Guide to Common Money Issues of a Divorce
Divorce can take a lot out of anyone. From emotional to physical exhaustion, one area that divorcing couples may not think about (and should) is that of their finances. Finances change dramatically post-divorce, and you and your spouse must make major decisions cautiously because they will impact you both for the rest of your lives.
It is best that you address your concerns about finances with your family law attorney. Your attorney can protect your future interests, especially financially, and ensure that you do not suffer just because you are going through a divorce.
Division of Property
The biggest decision that impacts your finances will be dividing property. Marital assets, which are those acquired during your marriage, are divided during the divorce settlement. While they are subject to “fair” distribution, this does not necessarily mean a 50/50 distribution. Instead, you and your spouse can come to an arrangement and decide which distribution works best for both of you. If you cannot agree, you may be forced to sell assets and then split the profits.
Your attorney can advise you of your rights, and help you decide which assets are considered marital and which assets are excluded from the distribution process. Any assets that you acquire prior to your marriage are not subject to distribution.
Division of Debts
Just like assets, your debts must be divided, as well. This is what can make a divorcing couple financially struggle, because one spouse may be forced to pay half of debt that was not his or hers, but was acquired during the marriage.
Speak with your attorney about debts that you have during the marriage, including student loans, auto loans, mortgages, and credit cards. These must be divided, and in some cases, it could make more sense to file for bankruptcy instead of trying to divide and pay for assets on split incomes.
Taxes and Your Divorce
Another financial consideration is that of taxes. You typically file your taxes jointly, but after the divorce, you may have to file part of the year as married and part of the year as single. Also, the issue of who claims the children on the taxes may arise.
Some couples may agree to split the tax years, with one parent claiming the children in the odd-numbered years and the other parent claiming the even-numbered years. Other times, the custodial parent gets to claim the children every year.
You may not have access to the same deductions that you had when you were married; therefore, you may find yourself owing more in taxes (instead of less).
Speak with a Family Law Attorney to Explore Your Options
If you are filing for divorce, protect your financial health by talking to a family law attorney from Beller & Bustamante, P.L. Schedule your consultation now by calling 904-288-4414 or requesting more information online.