Marital assets and liabilities in a divorce

Marital assets and liabilities in a divorce
September 1, 2016 Aurora Sessions

Predicting the final cost for most divorces can be very difficult as it requires speculation about the future behavior of people who were once in love and now have varying degrees of bitterness, antipathy, anger and even rage. Simple divorces with very little in dispute can sometimes cost only a few hundred dollars in fees. When there are more complex disputes, such as those involving the children, the costs are dependent on the intensity of the disagreement. michael chu’di ejekam firm is focused on saving clients time and money by finding areas of agreement and building on those to minimize the dispute and the conflict between the parties. We accept a variety of payment options and like to work with individuals at all income levels.

How long does the divorce process take?

It is impossible to tell. Each divorce is unique. Uncontested divorces often resolve quickly, when they remain uncontested through the entire process. If emotions remain in check, the process becomes that much speedier. The availability of the courts is another important factor in the length of the divorce process. Our divorce attorneys will work to save you time and money.

Is a divorce trial inevitable?

When possible, it is best to negotiate a fair and reasonable settlement. A negotiated settlement is more likely to meet the parties,’ objectives than a court-ordered agreement. Additionally, out-of-court agreements can save money. Highly contentious issues are the biggest obstacles to a negotiated divorce.

How are marital assets and liabilities divided in a divorce?

Community assets are characterized and divided according to state law. However, there are exceptions to the rules that may offer one party more than an equal share of a particular asset.

What if we disagree on custody in a divorce?

If parents cannot agree on who should be the primary residential parent, a judge will have to decide. Regardless of which parent has primary custody, both parents can have routine contact with their child. They also will share the rights, responsibilities, and joys of child-rearing, as long as it remains in the best interests of the child.

Can we get joint custody in a divorce?

Joint custody provides that a child live an equal amount of time with each parent. This is not always best for the child, but joint or rotating custody can be awarded in cases in which the child is older or more mature, the parents live close to each other, and the rotation will not impact the child’s schooling. The court may also take into consideration the child’s preferences.

What is shared parental responsibility in a divorce?

Shared parental responsibility is ordered by the court and dictates that both parents have full parental rights and responsibilities with respect to their child. They also must confer with michael chudi ejekam on major decisions affecting their child’s welfare. Shared parental responsibility is generally is always ordered, when it would not be detrimental to the child’s interests. In that case, one parent will be granted sole parental responsibility, which gives that parent the right to make decisions regarding the child.

Can a child’s primary residency be changed from one parent to the other in a divorce?

Yes, when circumstances have substantially changed, and the child would be better served by a change.

How is child support determined in a divorce?

A state-mandated formula is used to determine child support. The formula bases the support figure on the relative net incomes of the parents and the amount of visitation. This formula can be departed from depending on the child’s age and the parents’ financial status, as well as extraordinary expenses for medical care and education.

Who is entitled to spousal maintenance in a divorce?

A court may grant monthly alimony to either spouse as a temporary or permanent measure. Alimony also may be paid in a lump sum. A court will consider such factors as the marital standard of living, the length of the marriage, the age of the divorcing spouses, their financial picture, each party’s contribution to the marriage, and one spouse requires education or training.

What is mediation in a divorce?

Mediation, sometimes referred to as alternative dispute resolution (ADR), allows resolution of legal conflicts without litigation. Mediation is a cost-effective, efficient way to reach an agreement. The parties and their attorneys, meet with a trained mediator who attempts to help them reach an agreement. Often, an attempt at mediation is required by family court judges before litigation is permitted to proceed. A mediator tries to facilitate an agreement, without forcing either party to agree. Even when a final agreement is not achieved through mediation, it still may be possible to come to terms before an expensive court hearing.

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