Money is something that is a very controversial matter to discuss during the process of the divorce. Most especially if you have a joint account with your soon to be ex-partner.
A joint account is an account that both of you and your former partner own. Both of you used to get access to this account even without the presence of the other. But if you are filing for a divorce, you will need the help of the court to decide on how much you will get.
It takes a lot of ways for you to do first before you will get a certain amount that you deserve. You will need to hire the best divorce lawyers to defend your side in getting the amount that you desired in a fair manner. Most of the time the money that is owned together by both parties will be put on hold. Which is why there are lawyers who are there to help in discussing the manners when it comes this.
The first thing that you will need to do before filing for a divorce is to hire a lawyer who specializes in this field. And also you will need to check the laws and rules about divorce in the state that you are living or in the state where you want to file the divorce.
Here are the things on whats going to happen to the joint account money of the former couple.
Before the Divorce
The money that you and your former partner used to own will be on hold. There are a lot of discussions that need to be discussed. And there are a lot of agreements that need to be settled in order to divide the amount of money evenly and fairly. But there is a temporary financial support from one of the couple in order to sustain the life that they used to live. This is for the sake of their child’s future and needs.
During the Divorce
During the process of the divorce, there is a method called alimony. It is where the one who has more income supports the former partner who has a lower income. Alimony in this modern time is no longer similar as it used to be. Before, the man is responsible for giving money or supporting his former spouse during the process of the divorce up to a certain number of years. But today, it already depends on who has a higher income. Even in child-support. There are different kinds of processing that they need to go through and also must consider the divorce law according to their state.
The main role of the court is to study and investigate the case thoroughly before giving out the money to the former couple. Studying their background and their financial situations is also a part of the process. This is to make sure that both parties will be able to get a fair amount of money by the end of the divorce.
After the Divorce
Once everything is already settled, both parties will receive a certain amount of money from the former joint account. And when it comes to the land titles and business titles, they will also get a certain amount of share. The amount or portion of share will also depend on the decision of the court’s analysis of their situation.
Money can complicate most of many things. Most especially if you are not financially stable. The lesson before entering a joint account is to secure your own bank account. This is to make sure that you will still be able to support yourself in case of emergencies. Not just for the divorce, but for you to be prepared for what the future holds. This is for your sake and your child’s sake.
If you are financially dependent on your partner, you will need to go through a long process. Divorce lawyers Alexandria VA know what to do when it comes to this kind of situation. From money matters up to the child custody. It takes some time in order for this process to be completed. Which is why you will need to have patience and get the best lawyer that you can get.