How Does Wealth Affect a Divorce?

Breakup Concept

In many ways, a dissolution of marriage is the dissolution of a company in the matter of assets and property. The divorcing couple's financial holdings must be identified, assessed, and distributed among the parties. If a divorce involves a large commercial portfolio, each step takes time and resources and often takes years to resolve. Each step requires more time, and you need a family law attorney in OKC.

Financial Obligations

The payment of child support and sustenance is one of the key economic concerns of divorce. The state in which the divorce was granted and many of the State guidelines cover things such as income for each parent, the number of children and the custody agreement reached are calculated for child aid payments.

You have a legal obligation to pay child support if you are ordered to pay child support as part of a divorce agreement. Child support can be periodically reviewed and adjusted, but you should consider how these payments fit in with your monthly budget, and only a family law attorney in OKC can help you.

Spousal support may be another possible financial obligation in a divorce. Alimony is separate from child support and is usually considered a temporary measure to help the partner who can witness a significant decline in their income after a divorce. Spousal aid usually has an end date, as does support for children. Again, these are payments which should be included in your post-divorce budget if the court orders you to do so.

How Wealth Affects Divorce

Marital Agreement

More prosperous couples tend to agree with prenuptial or postnuptial agreement. These are often arranged for personal asset protection, to protect companies, to predetermine feedingstuffs, or to protect large legacy assets or other assets in the event of a divorce. A family law attorney in OKC uses such agreements as a guideline for distributing property during a divorce settlement negotiation. However, depending on its validity, fairness, or if it is legally enforceable, a prenuptial agreement can be challenged in whole or part.

Gavel & dollars

Business Interest and Property

The assets are often held in the form of corporate, commercial, investment, intellectual property, tax shelters, property ownership, worldly possessions, limited partnerships, valuable collections, and other complex assets. The services of legal and professional experts are necessary, and all of those assets have to be traced and valued rightly. The asset division can only be negotiated or determined by a court if a complete picture of the couple's wealth is determined.

Spousal Maintenance

Spousal maintenance (also known as spousal support) is more often a major issue in the distribution of substantial divorces. For example, if a partner wishes to maintain control of a business, she may need, in addition to other properties, to offer another partner a larger or longer maintenance package to compensate for her value.

Contact Mazaheri Law Firm for a family law attorney in OKC for a hassle-free divorce process.

** Disclaimer: This blog content is no substitute for legal advice and in no way implies a lawyer-client relationship.