Understanding the Division of Assets and Liabilities in a Divorce
Understanding the Division of Assets and Liabilities in a Divorce
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You've heard it before from other guys who have been through divorce case - "She took me to the cleaners." Of course, we're not talking the local Laundromat; we're talking about the ex-wife draining the husband for everything he's got. As if the wife describes some sort of reward for getting through the marriage, and that she's entitled to everything they own but not responsible for any of the debt that occurred during the marriage.
Fortunately, you do have rights. There are ways to protect yourself and your assets through divorce court. In fact, the largest factor in the division of assets is the length of the marriage. This is huge-if you were not married for very long, chances are, the judge will delve further into learning what was admitted before the marriage, during the marriage, and how the funds were handled during the marriage. So if you kept your funds separate, chances are, your assets will be easier to divide and delegate.
Also, you have to take into consideration whether your state accounts assets and liabilities as separate or community. The date items were purchased, how they were purchased, and how your income was divided between debt and itemized purchases will also be considered by the judge when splitting assets.
Do know that you are protected from being slammed with all the credit card debt and letting your ex-wife clean you out of everything else that you own. By knowing your rights and how you can be protected, you will better your chance of fighting your case in court, no matter how greedy your ex-wife gets in the courtroom!
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Source by Dennis Gac
You've heard it before from other guys who have been through divorce case - "She took me to the cleaners." Of course, we're not talking the local Laundromat; we're talking about the ex-wife draining the husband for everything he's got. As if the wife describes some sort of reward for getting through the marriage, and that she's entitled to everything they own but not responsible for any of the debt that occurred during the marriage.
Fortunately, you do have rights. There are ways to protect yourself and your assets through divorce court. In fact, the largest factor in the division of assets is the length of the marriage. This is huge-if you were not married for very long, chances are, the judge will delve further into learning what was admitted before the marriage, during the marriage, and how the funds were handled during the marriage. So if you kept your funds separate, chances are, your assets will be easier to divide and delegate.
Also, you have to take into consideration whether your state accounts assets and liabilities as separate or community. The date items were purchased, how they were purchased, and how your income was divided between debt and itemized purchases will also be considered by the judge when splitting assets.
Do know that you are protected from being slammed with all the credit card debt and letting your ex-wife clean you out of everything else that you own. By knowing your rights and how you can be protected, you will better your chance of fighting your case in court, no matter how greedy your ex-wife gets in the courtroom!
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Source by Dennis Gac
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