When the end of a marriage is near, it can be a very difficult time for both parties involved. Emotions run incredibly high during this time even if the couple gets along. Protecting assets and distributing assets properly is the most important thing at the end of a marriage. Neither party should have to suffer with all of the debt or lose all of the assets. Working with a divorce lawyer in Thiensville, WI will help eliminate this problem from occurring.
With many couples getting married later in life, one or both of the parties may have 401K’s, real estate or any number of other assets. If these assets are cashed in and used to buy a joint marital home, that party needs to receive the money from their investment before the marriage. If there is money in a 401K, the value of the 401K will have to be obtained at the time of the marriage. This is both legal as well as fair.
The same would hold true for debt incurred. Marital debt is the responsibility of both parties. If the debt was incurred before the date of the marriage, the other partner is not responsible for paying off the debt. When working with a divorce lawyer in Thiensville, WI, they can help differentiate between marital and pre-marital assets and debt.
Another area of problems can arise when there is a question as to whether one spouse is to receive spousal support, which is also known as alimony. Depending on the circumstances, the party that earns less money may or may not be entitled to spousal support. Only an experienced lawyer can answer this type of question. Going through a divorce unrepresented by legal counsel could be detrimental to finances in the future. View website for more info.
Although a marriage is over and it may feel like troubled times are ahead, working with an experienced family law attorney can ease the worries and concerns of the future. Receiving sound legal advice is the right option when contemplating divorce. If you’re looking for more information about divorces or for an attorney, check into Frakerfamilylaw.com.
