Divorce, Debts and Bank Accounts
When you divorce, you will probably go through considerable emotional stress. Divorce can take its toll in more ways than one. But you should never lose sight of the fact that divorce, in the eyes of the court if no-one else, is a contract. And when a marriage ends in divorce, the contract needs to be closed as well. And in many divorces there are at least two things to be considered - assets and debts.
The best advice is that you should sort out the business side of your divorce - the division of the assets and the repayment of the debts - without rushing. Do not think that a quick tally of this list and those accounts will suffice. When the court decision is handed down, that's it. It's then too late for you to argue that you wanted a particular item. Take your time and be sure that what you do want and don't want is clearly listed.
Generally speaking, assets and debts are split 50/50. That division does not apply in all divorces and if there is fault allocated in the settlement, the judge may choose to punish the spouse found to be at fault and reward the spouse who is not. These cases are rare nowadays but they do happen from time to time.
Do not think that assets will simply be split 50/50. Value is often the deciding factor. So ten paintings will not be allocated as five to each spouse. If one painting is worth the same amount as the other nine put together then the split would far more likely be one painting to one spouse and the remaining nine to the other.
Keeping records is essential. When the division of assets is being made, the judge will need supporting evidence for each and every claim you may make. If money has been taken from a joint account, you will need appropriate documentation to show this is the case. Likewise with debts. You need proper paperwork to show where the money has gone in spending or debt repayment.
The ideal situation is to reach an agreement with your spouse and thus negate the need for a judge to investigate your affairs and rule accordingly. Many couples are able to reach an agreement but others find that communication with a spouse they no longer love or trust is too difficult. You can of course still reach an agreement either by working through your lawyer or a trusted friend or a mediator agreed upon by both spouses.
If you reach an agreement, it should mean you are getting what you want and you won't have to take your chances in court where the judge may rule against you on certain matters. The agreement can cover both assets and debts. The debts remain even though the marriage is over and must be settled. How this is done will be decided by the judge unless you and your spouse can agree beforehand. If necessary, seek the advice of a lawyer who deals specifically in divorce and asset and debt division.
The best advice is that you should sort out the business side of your divorce - the division of the assets and the repayment of the debts - without rushing. Do not think that a quick tally of this list and those accounts will suffice. When the court decision is handed down, that's it. It's then too late for you to argue that you wanted a particular item. Take your time and be sure that what you do want and don't want is clearly listed.
Generally speaking, assets and debts are split 50/50. That division does not apply in all divorces and if there is fault allocated in the settlement, the judge may choose to punish the spouse found to be at fault and reward the spouse who is not. These cases are rare nowadays but they do happen from time to time.
Do not think that assets will simply be split 50/50. Value is often the deciding factor. So ten paintings will not be allocated as five to each spouse. If one painting is worth the same amount as the other nine put together then the split would far more likely be one painting to one spouse and the remaining nine to the other.
Keeping records is essential. When the division of assets is being made, the judge will need supporting evidence for each and every claim you may make. If money has been taken from a joint account, you will need appropriate documentation to show this is the case. Likewise with debts. You need proper paperwork to show where the money has gone in spending or debt repayment.
The ideal situation is to reach an agreement with your spouse and thus negate the need for a judge to investigate your affairs and rule accordingly. Many couples are able to reach an agreement but others find that communication with a spouse they no longer love or trust is too difficult. You can of course still reach an agreement either by working through your lawyer or a trusted friend or a mediator agreed upon by both spouses.
If you reach an agreement, it should mean you are getting what you want and you won't have to take your chances in court where the judge may rule against you on certain matters. The agreement can cover both assets and debts. The debts remain even though the marriage is over and must be settled. How this is done will be decided by the judge unless you and your spouse can agree beforehand. If necessary, seek the advice of a lawyer who deals specifically in divorce and asset and debt division.
