Are you getting divorced? Wesley Bangs, Certified Divorce Analyst, walks us through what you need to consider. Join us to explore topics like child and spousal support, marital property, tax implications, retirement, and future planning.
When a marriage ends, it’s a huge financial shift for both partners. In a divorce, partners separate their finances as well as their personal life. But there are three ways money might pass between them: the division of marital property, alimony (also called spousal support), and child support.
What is the difference between marital property and individual property? Most of the property acquired during the marriage will be considered marital property, though this varies by state.
Spousal support (or alimony) can vary greatly based on what each spouse earns and the length of the marriage. If both spouses are employed at a similar level and the marriage only lasted a few years, there may be no alimony at all.
Child support tends to be predictable, depending on the requirements of the state you live in. The court will consider factors such as the number of children, how much time they spend with each parent, and who is paying for larger costs like insurance.
A divorce has a massive impact on the financial future of both spouses. Only by thoroughly understanding your current financial picture and future needs can you plan appropriately. Whether you’re contemplating divorce or in the process of negotiating one, you should speak to a financial advisor. Watch this webinar for a quick primer of the important issues. We’ll learn about child support, spousal support, dividing assets, taxes, and more. Bring all your questions!