Fact or Fiction?

Going through a divorce can be a whirlwind of emotions and difficult decisions you have to make, oftentimes regarding finances. Let’s debunk some common financial misconceptions for divorces together.

Myth 1: Everything is split 50/50

One of the most commonly-told myths about divorce is that everything gets split right down the middle. That’s far from the case, as there are many factors that jurisdictions look at to consider how your assets and debts will be divided up between you and your spouse. Some of these factors include individual contributions, earning potential, and the length of the marriage itself.

Myth 2: Alimony is a given

Not all divorces result in alimony payments. That idea that one spouse is automatically entitled to financial support from the other is a common misconception. Like asset division, alimony depends on a number of factors including the need, ability to pay, and again the duration of the marriage. Each case is unique and the decisions that result are, too.

Myth 3: Child support covers everything

People often assume that child support basically covers all expenses for the kid. Actually, it’s only intended to cover basic needs like food, clothing and education. Extracurriculars, medical expenses, other unique needs are not always included in the coverage. Parents often need to negotiate additional arrangements to ensure the child is supported.

Myth 4: Separate accounts means separate assets

Wrong. Lots of couples choose to maintain prior individual bank accounts during marriage. However, most of the time the legal concept of marital property overrides individual account ownership. Lots of times, all assets obtained during a marriage, regardless of where they are houses, are subject to division as if they were in a joint account. 

The important thing to note about divorces is that they’re all different, the proceedings are different, and the results of separation are going to be different as well. To best help your case, it’s a good idea to prepare as much in advance as you can. We suggest getting all your ducks in a row (check out our blog about what you’ll need) and consulting with your attorney to make this process as smooth as it can be for you.

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The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.