What Happens To Divorce Assets After A Divorce? How Long Does Alimony Last?
The parties in a divorce can agree to the division, or the judge will divide all marital property owned by the parties. Generally speaking, this includes most of the property the couple amassed during the marriage, and the divorce asset may welcoming:
- The marital residence
- A second or vacation home
- The home furnishings and appliances
- Vehicles including cars, boats, planes, snowmobiles, and motorcycles
- Stocks, bonds, and other investments
- Privately owned businesses
The value of other, more intangible property is often divided.
Examples of divisible intangible property include
- the value of a patent on an invention,
- the value of the celebrity status of a spouse’s name,
- the goodwill value of a business owned by one spouse,
- and the importance of a professional degree earned by one spouse. Click here to know more about divorce assets.
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Breaking It, Piece By Piece
The value of these intangible assets is to be divided only when both spouses substantially contribute to that value. Either directly or indirectly, by supporting the spouse to whom the investment is more directly attributable.
It is not always easy for a spouse to identify all of the assets available for valuation and division. Especially if the other spouse is less than forthcoming with the details. It is where the parties’ lawyers can help.
The Legality Involved
Through the legal process known as discovery, the parties’ attorneys exchange documents that reveal each party’s income, assets, and liabilities.
Documents such as
- tax returns,
- personal financial statements,
- bank account statements,
- brokerage house records,
- real estate records,
- loan applications,
- and business records usually indicate the economic situation.
In addition, each spouse is outturn by the other spouse’s attorney. At the deposition, the questioned spouse will respond. Under oath, to questions designed to gather all necessary information about his or her assets and income.
If necessary, additional parties may be deposed, such as employers, bankers, or business partners. If these additional witnesses do not come forth willingly, their presence can be compelled through the issuance of a subpoena. A subpoena is an official legal document that commands their participation.
Dividing Divorce Assets And What It’s Worth, What Do I Get?
Once the marital estate is been determine and value, each party should receive a fair and equitable portion of the marital estate. Like courts in many other states, Pennsylvania courts use an equitable distribution concept to determine which portions of the marital estate each spouse will receive.
In a scenario where the property is registering in the joint names of a married couple and both are also co-borrowers. The court will decide the contribution made by each party and divide the asset accordingly. Both parties would be responsible to pay the loan, though. Do note here that the bank is only concerned about getting its money back.
How Long Does Alimony Last?
By way of background, alimony is a form of spousal support one former spouse makes to the other after divorce. The point of alimony was to keep one spouse from a sudden negative change of life quality because of divorce. Such as the stay-at-home spouse’s marital estate mother. She sacrificed a career to care for the children and now has little means of providing for herself. More for information on how long does alimony last, click here.
As the saying goes, it is intend to keep one of the former spouses from going from “the penthouse to the gutter.”
During the initial divorce, spouses can agree upon alimony payments. Judges rarely adjust these agreements when entering a final ruling on the divorce.
Again, there is no time limit for alimony payments. Typically, they will be reviewed after a certain period to establish whether or not the individual receiving them is capable of being self-sufficient.
For this reason, the length of time that alimony payments are enforce differs with each divorce.
One person is required to pay alimony for a few months and another may be required to pay alimony for several years. It depends entirely upon the unique situation and the judge who orders the payments.
Alimony is a way of making the divorce a little fairer. If one partner has spent all of their time taking care of the household, the children. The jobs which don’t earn an income can quickly be left without the means to support themselves after a divorce.
Without alimony payments, the spouse who earned the income over the years will be left with everything while the other spouse will be left with nothing. In an attempt to ensure that both partners are self-sufficient and able to manage on their own, alimony may be assigned for some time.
In the case of divorce assets, the ownership of assets and liabilities cuts both ways.
Alfred Williams, a distinguished business writer, navigates the corporate landscape with finesse. His articles offer invaluable insights into the dynamic world of business. Alfred's expertise shines, providing readers with a trustworthy guide through the complexities of modern commerce.
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