Every divorce case is different. People come to the table with different agendas, different property, and different family configurations. These variables can impact how one’s divorce plays out. That having been said, there are three challenges that many divorcing couple faces.
Division of Property
In every divorce case, the parties must divide their property. “Property” is a broad topic when it comes to divorce. It includes the couple’s real property, such as their house or vacation cottage, household goods, art, and jewelry. It also includes stocks and bonds, retirement accounts, and bank accounts.
Most couples come to a settlement on property division without court intervention. This can be accomplished via lawyers negotiating, mediation, or discussion and agreement during a collaborative law divorce. However, sometimes the parties cannot agree on property division, hence, the courts will decide how to divide the property.
Often, the largest sticking point in property division stems from a party’s belief that property division should be equal. However, that is not what the law says. Rather, the law requires property division is “equitable,” not “equal.” The courts are permitted to consider a number of different factors when determining the division of property.
Division of Debt
Like the division of property, the division of debt is done “equitably,” not equally. This means both parties are subject to being assigned any debt of the marriage. One cannot assume, for example, that if a car loan is in one spouse’s name, that spouse will be assigned the responsibility for that debt. Sometimes, in order to reach an equitable solution, the court will assign responsibility for debts inconsistent with the name associated with the debt. The division of debt and the division of assets are not performed in a vacuum. With the assistance of lawyers, mediators, or in a collaborative setting, most couples are able to come to an agreement about debt division without court intervention. However, if couples cannot agree, the court will rule on the issue.
Spousal Support
Spousal support, also referred to as alimony, may be awarded to one of the parties in a divorce, however this is not automatic. As with most issues in a divorce case, whether a court will assign spousal support, for how long, and in what amount depends on the individual couple. Couples who have only been married a short period of time rarely receive spousal support. In the case of a marriage of 20 years or more, courts may assign one party spousal support for an extended period of time. However, in most cases, spousal support is ordered for a finite period of time, and only if one party demonstrates a need for the support.
Whether you are looking for a collaborative divorce, or think mediation or negotiation would suit your family better, the highly experienced and reputable divorce attorney in Cincinnati, OH, Zachary D. Smith, LLC, offers comprehensive divorce representation and is an expert family law attorneywith over 25 years of experience. To learn more or to schedule a consultation please contact ZDS Law at (513) 275-1164 or visit www.ZDSLaw.com for further information.
