If there are no spousal maintenance payments, this is known as a clean break order, and it fully severs all financial ties.Įquitable Distribution States vs. The consent order is a legally binding document that details asset distribution and, if applicable, any spousal or child maintenance payments. After both parties present their sides and list off the assets and debts to court, the judge will draft a consent order that establishes any agreed financial arrangements following a divorce. In this case, you should seek out legal advice from an attorney who routinely practices divorce and family law.Īpplying for a court proceeding for divorce typically happens when both spouses are unable to agree on how to properly distribute their joint property. If both sides of the divorce are unable to resolve financial matters by mutual agreement, it will require court intervention to provide a final, legally binding decision on the division of assets. Since there is a good chance you might need to save as much money as you can to start rebuilding your life following the divorce, mediation may potentially be a solid way to protect your assets. This route can alleviate the financial burdens of having to retain a lawyer and pay for additional court costs. Mediated divorces are typically faster, more peaceful and, best of all, considerably less expensive. If you have not yet gone through your divorce, it could be in your best interest to try using mediation first. This will come in handy later on in the divorce process.Ĭontrary to popular belief, not all divorces require a court proceeding. The information in these statements will help you determine exactly how much money is coming in and going out each month.Īrmed with this data, you and your former spouse can calculate your standard of living and how much money will be needed by each person to maintain your current lifestyle. This should cover essentially any documents that relate in any way to you or your former spouse’s money.
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