As we slowly crawl out of the recession, many couples are making the move to get divorced. Since the housing market still hasn’t fully recovered, couples are getting creative to divide their property and assets. It’s crucial to have legal representation to ensure that the divorce is fair and will be agreed to by the courts.
A recent survey of Certified Divorce Financial Analysts noted that divorcing couples want to divide liquid assets only. Real estate, investments, retirement plans are not as lucrative as they were before, so cash is king. For divorcees who request child support and spousal support, job security is a big concern to be able to make the payments. Child support will always be the main priority if only certain monies are available.
The marital home is still the most problematic part of the divorce equation. Some couples agree to sell it at a loss to move on, but others have to take it day by day as one spouse stays in the home and pays rent until it can be sold when the market improves. People should be aware though that since the mortgage and deed remains in both names, both people’s credit can be affected if the payment is late or not paid for some time.
Some divorce attorneys are seeing that couples wait to do the final division of assets until a house is sold. This way, the opportunity for more child support or spousal support can be a possibility. Many couples wonder if they can do a divorce on their own, and save a substantial amount of money that way.
Unless one has a full understanding of the legal and financial parts of a divorce, the do-it-yourself kits and websites can create many costly errors in the future. Many parts of a divorce agreement are non-modifiable, or difficult to change unless both parties agree to it later on. Individuals can spend a lot of money trying to fix what they originally thought was a just divorce settlement. Having a qualified divorce attorney represent you is worth the money to avoid a disastrous situation down the road.
And should job loss, change in income, or your home be foreclosed, you will want legal representation to modify the divorce decree. These days the courts are seeing many requests for this, and as long as this is truly the circumstance, a lawyer can help an individual push to make this change.
In California, Riverside divorce attorney Gerald Maggio is skilled in helping an individual achieve their divorce goals. The Maggio Law Firm is experienced in the division of assets and debts, joint custody matters, and child support.
For more information:
The Maggio Law Firm, Inc.
Orange County Office
8105 Irvine Center Drive, Suite 600
Irvine, CA 92618
(949) 553-0346 Fax
3750 University Avenue, Suite 670
Riverside, CA 92501