Asset Separation-Spousal Maintenance
Asset Separation:
Asset separation is the process of dividing property and assets between spouses in a divorce. This includes real property, such as houses and land, as well as personal property, such as vehicles, bank accounts, and retirement accounts. Usually, property is divided based on the principle of equitable distribution, which means that each spouse receives a fair and equitable share of the assets and debts.
Spousal Maintenance (Alimony)
Spousal maintenance, also known as alimony or spousal support, is financial support that one spouse pays to the other during or after a divorce. The purpose of spousal maintenance is to ensure that both spouses are able to maintain a reasonable standard of living after the divorce, particularly if one spouse earns significantly more than the other. Spousal maintenance can be temporary or permanent, depending on the circumstances of the case.
Commonly Asked Questions
In order to determine an equitable division of assets and an appropriate spousal maintenance award, the court will consider a variety of factors, including the length of the marriage, the earning capacity of each spouse, the age and health of each spouse, and the contributions each spouse made to the marriage.
All property and assets acquired during the marriage are generally subject to division, including real property, personal property, and financial accounts.
In some cases, spousal maintenance can be modified if there is a significant change in circumstances, such as a job loss or a significant increase in income.
If you and your spouse are unable to come to an agreement on asset division or spousal maintenance, the court will make a decision for you. It is important to have an experienced attorney on your side who can help you present your case effectively in court and achieve the best possible outcome.
Warning: Please be aware that you could inadvertantly agree to division of property or even spousal maintenance through text messages or emails with your soon to be ex-spouse. As your family law attorneys, our role is to help you understand your legal rights and options regarding asset separation and spousal maintenance. We can advise you on the best strategies for achieving a fair and equitable division of property and assets or a successful resolution to spousal maintenance.