Divorce Settlements & Entitlements
Divorce laws differ from state-to-state. Because of this, property settlements in divorce can vary widely, and often involve a great deal of negotiation by both parties. What a spouse is entitled to in a divorce depends on several factors, including state law, whether children are involved and the financial situation of both spouses.
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Discovery And Disclosure
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In a divorce, both parties are entitled to knowledge of their partner's financial situation. While some divorcing couples choose to waive their right to this knowledge, others will ask for a process called "discovery" in which both parties are required to provide certain financial records for inspection by their spouse and attorney.
Property Division
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The way property is divided in a divorce depends on state law and whether the spouses are able to settle their finances between themselves before going to court. In a community property state, all marital debts and assets acquired during the marriage are considered "community property" and are divided equally between the spouses. In an "equitable distribution" state, a judge divides the property by taking several factors into account, including the contributions of each partner to the family's finances, the health of both partners and the ability of each partner to support themselves after the divorce. In most cases, spouses are able to retain any property or assets that they brought into the marriage, and may also be able to keep any property or assets that they inherited during the marriage.
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Spousal Maintenance
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If there is a significant disparity in the abilities of both spouses to support themselves after a divorce, a judge may order the more financially secure spouse to pay maintenance (sometimes called "alimony") to the other spouse. Sometimes this maintenance is temporary, while in other cases it may be payable for the rest of the spouse's life, or until he marries again.
Health Insurance
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After a divorce, a spouse who is covered under the other spouse's group health insurance policy will lose coverage. Federal law requires, however, that the spouse without health coverage be offered the opportunity to elect COBRA coverage for a period of time after the divorce. With COBRA, the former spouse is required to pay for the full cost of the premium. In some divorces, the judge may require an ex-spouse to cover some or all of this cost for a period of time.
Child Support
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A non-custodial parent is typically expected to pay child support to the custodial parent. In a case of joint custody, each parent is expected to support the child or children according to both their means and the amount of parenting each parent has with the child.
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References
Resources
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