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Get the facts straight about divorce and money

| Jul 13, 2017 | Divorce |

Most Oregon residents typically consider the emotional impact that ending a marriage will have. However, the financial effects of a divorce can be significant for many. According to a personal finance website, there are several misconceptions regarding money and divorce.

A common belief is that one spouse’s adultery will entitle the other to more money in the divorce process. The reality is that behavior typically has no effect on the amount of money someone receives in divorce proceedings. Divorce can come down to dividing up the assets between the ex-spouses. Experts cite an exception in that if one spouse has used the couple’s money to pursue an illicit affair, the other spouse may be awarded more in the settlement.

Another misconception is that a nonworking spouse will receive alimony for a lifetime. In fact, spousal support will usually be provided for nonworking spouses until they are able to find a job or complete their education. Also, many believe that if there is an account with only their name on it, all the money belongs to them. However, this will be determined by several factors, such as how the money was earned, if the money was inherited and state of residence.

Finally, many think they are not responsible for the debt a spouse incurred on a credit card. This one is more dependent on where someone lives. If the couple lives in a community property state, unlike Oregon residents, someone may be responsible for half the debt. However, for those not in a community property state, an individual may be responsible for half the debt if the card was used for home or family expenses.

An Oregon divorce attorney is a valuable resource when someone is going through the divorce process. An experienced lawyer can work with an individual to understand a specific situation. A knowledgeable attorney will help a client achieve the best possible outcome in divorce proceedings.

Source: wisebread.com, “4 Myths About Divorce and Money, Debunked“, Dan Rafter, July 11, 2017

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