What happens when I file for divorce or legal separation?

What happens when I file for divorce or legal separation?

How is the property going to be divided?

Property, both assets and debts, is either designated as "non-marital" property or "marital" property. "Property" can either be an asset (like a house) or a debt (like the mortgage on the house).

As opposed to child support, there is no "formula" for the division of marital property. The division of marital property is based on the fair market value at the time of the divorce and is done based on what a judge or jury determines is "fair" or equitable. But, there is no "formula," letting a judge or jury decide how to divide the assets and debts is very risky – that is why most of the time, the parties settle without going to court. Sometimes, as with a house, one party may get possession and ownership of the house, but the other party gets paid some money for giving up his/her right to possession and ownership.

What about retirement money?

Other than a home, retirement (if any exists) is the next biggest asset in most marriages. Retirement can be considered a "marital" asset, depending on the length of the marriage and when the retirement benefits were built up. There are special rules on how to transfer retirement money, and not every case involves such a transfer.

Can I be made to take on all of the marital debts?

"Non-marital" property is an asset or debt acquired before a marriage and is not included in the division of property, except in very unique circumstances. Inheritances, stocks, family gifts or heirlooms, wedding presents, and trust accounts, are typical examples of this type of property. Since non-marital property is not subject to equitable division between the parties, the non-marital property goes back to that spouse who originally owned it, without any compensation to the other spouse.

Can you explain alimony?

In some cases a judge may award alimony to a spouse. This may just be temporary pending the outcome of the trial or in the final divorce order. A judge or jury will award alimony depending on the circumstances of the marriage, such as (this is the "short" list): the length of the marriage; the respective earning capacities of the parties; a spouse’s needs; educational level; and the ability of a spouse to pay to alimony. Alimony even on a temporary basis, is rarely awarded today and, generally, only where there is a great disparity in income or earning potential.