Divorce can be one of the most impactful events of your life, and the outcome of any divorce will influence the lives of both spouses in various ways for years to come. While any divorce involves a measure of emotional distress and personal tension between the spouses involved, there are also many practical concerns any recently divorced person is likely to have. If you and your spouse are planning to end your marriage in Topeka, it is vital to avoid making hasty decisions. Timing your divorce correctly could benefit both of you, while rushing the process could result in an outcome that is unfavorable to both of you.
The US economy has been volatile over the past several years, and it’s understandable for anyone to have significant financial concerns when it comes to their upcoming dissolution proceedings in Topeka. If you are in a struggling marriage and wondering whether divorce would be the best solution, you should take time to consider the potential advantages and drawbacks of proceeding with divorce or waiting for an economic upswing. Ultimately, every divorce involves unique details, and there is no single strategy that will work for resolving every dissolution. Working with an experienced Topeka divorce attorney is the best way to make more informed decisions about your impending divorce.
Economic Effects of a Divorce
The basic elements of most divorce cases filed in Topeka include child custody determination, a child support order, and a property division process. Additional proceedings may be necessary for resolving unique variables in the case, like domestic violence, criminal activity, or complex financial disputes. Some divorcing couples take advantage of alternative dispute resolution to save time and money in their divorce proceedings, but ultimately most divorces filed in Topeka will entail some level of litigation.
No matter how you reach a conclusion to divorce, you must be prepared for various financial implications. For example, you could be required to pay child support and/or alimony to your ex, or you could qualify to receive support payments from them. Therefore, it’s vital to consider the financial terms of your divorce through the lens of the current economic climate. If you think that changes in the economy could result in a more favorable set of divorce terms for you and your spouse, the two of you could benefit tremendously by waiting to file for divorce. Conversely, some marriages should be dissolved as soon as possible for very specific and potentially harmful reasons like domestic violence.
Benefits of Hiring a Topeka Divorce Attorney
Hiring legal counsel you can trust is one of the most important decisions you can make regarding your divorce. An experienced Topeka divorce attorney can help you understand the potential implications of the financial side of your divorce in the current economic climate. For example, if you are pressed to end your marriage as soon as possible, they can explain the potential advantages and risks of doing so. On the other hand, if you and your spouse are willing to wait, try a legal separation, or begin private collaborative divorce negotiations before a formal filing, this can enable both of you to take advantage of a better economic climate in the near future. In the interim, you could reconcile or take steps to streamline your divorce once the economy improves.
An experienced Topeka divorce attorney will be an invaluable asset for handling whatever unique financial issues your divorce entails. Kansas is an equitable distribution state, meaning divorcing spouses must divide their marital property as fairly as possible based on multiple factors. However, if this entails liquidating assets and dividing the proceeds and/or transfers of ownership rights between the spouses, the timing of these actions can greatly influence tax implications and other long-term economic concerns.
Q: What Is a Financial Disclosure Statement?
A: This is a packet of financial records you must submit to complete the property division aspect of your divorce. Both spouses in a Kansas divorce must provide their records of all their marital property as well as proof of ownership over any separate property they intend to claim. Your attorney can help you prepare your financial disclosure statement and address any discrepancies that arise in property division proceedings.
Q: How Much Can I Receive in Alimony?
A: Most divorces in equitable distribution states do not end with alimony arrangements, but spousal support could come into play in any divorce in which one spouse has been financially dependent on the other for an extended time or if one spouse is unable to support themselves. The amount paid depends on the supported spouse’s need and the difference in income between the spouses, and the time that payments must continue depends on how long the marriage lasted.
Q: What Happens If a Divorcing Spouse Lies in Financial Disclosure?
A: The penalties for intentionally submitting false or incomplete financial records to the family court during a divorce can be severe. First, once the at-fault party’s activities are discovered, they will likely face contempt, and criminal charges could come into play depending on the scope and severity of their behavior. If the other spouse incurred greater legal fees in uncovering their actions, the at-fault party would be liable for their legal expenses.
Q: Should I Hire an Attorney for a Topeka Divorce?
A: There may not be a strict legal requirement for you to hire legal counsel for your upcoming divorce, but legal counsel you can trust is an invaluable asset no matter what type of complex financial issues you must resolve in your divorce. A good attorney can help you understand the impact your divorce could have on your life in the current economy, and they can be invaluable for determining whether proceeding with divorce or waiting for a better economy would better suit your interests.
Ultimately, every divorce is different, and regardless of whether you are a high-net-worth individual or only have modest assets, the timing of your divorce can have a tremendous influence on how agreeable you find your final divorce terms. For a better chance of reaching the outcome you hope for in your dissolution proceedings, contact an experienced Topeka, KS, divorce attorney as soon as you believe divorce could be a possibility.