Financial issues can play a big role in divorce. Whether you and your spouse own a house or just some furniture and a TV, whether you have major debts or substantial assets, you’ll have to decide who gets what and who’s responsible for paying off debts. Even the question of who keeps the family pet can be a bone of contention. If you can’t agree on how to split your property, a judge will decide for you.
And when one of you needs financial support during or after the divorce, the issue of alimony will also come into the picture. Some people hope to ward off financial disputes in divorce with a prenuptial agreement, but that might not always work to your advantage.
Whatever the state of your finances, you should be prepared to deal with these issues when you’re ending your marriage—and to learn how the law applies to property and divorce.