On average, most people’s wedding day also marks the beginning of a marriage that will endure the rest of their lives together. But statistics show that about 30% of marriages in the United States consisting of partners aged 20 or older result in divorce. When a marriage ends, it is generally at considerable emotional and financial cost. The financial repercussions of a divorce may be more severe and more difficult to navigate than the emotional ones.
The cost of a divorce, for example, can reach $20,000 or more. These expenditures include hiring an attorney and issues concerning finances. The divorce settlement is typically accompanied by these difficulties. There may be several components of the settlement that are expensive and contentious for the parties to negotiate. It is crucial to know what to expect financially and what to take into account before filing for divorce, even if the terms of the settlement are often determined by the court.
It is advisable to consult with an experienced Delaware divorce attorney if you need specific answers about your legal options.
Financial Assistance for Spouses
Spousal support, which is often known as alimony, is one of the most contentious components of a divorce settlement. Paying a former spouse an agreed-upon sum of money is known as alimony. It’s supposed to be a safety net for those who need it after a split the bank account. The “breadwinner”, the spouse who earned more in the marriage, provides this payment to the partner who had a much lower income or no income. In addition to child support, the court may order or the parties may agree to this form of financial assistance. Spousal assistance can be either temporary (during a divorce) or permanent (after the divorce is finalized).
Asset Division
For wealthy people or those who have been married for a long time, the division of assets can be a contentious component of the divorce process. Both financially and emotionally, knowing what one has and how much it’s worth is crucial. Valued possessions are examples of assets. A couple’s assets can include money, properties, vehicles, works of art, and furnishings. Property must be considered marital in order for its value to be divided. What this means is that the pair will have acquired the item or earned the income to pay for it throughout their marriage.