Q: I'm contemplating divorce from my husband after 19 years. We have a single property and common debts. what to do?
He handles all the financial aspects of the home and has all the information. our only child is 19th so custody is not an issue, however, he does resided with us. what are the considerations I must have before entering the process.
A: Your best course is to find a local family lawyer who will give you an inexpensive or free consultation. In the course of the divorce both parties are required to disclose all of the financial issues. You are not unique in having limited knowledge of the family finances. Your child will not be a part of the divorce, regardless of where they live.
A divorce with no minor children involves spousal support and division of everything you all own and everything you all owe. Depending on the financial circumstances between you and your husband, if you need his help after the divorce and he can afford it, he'll be paying you support or alimony for some period of time.
Additionally, everything you own and owe will be piled together including your home, your mortgage, any retirement accounts, savings, your cars, and your credit cards. Then the pile will be divided until you each walk away with approximately the same amount of value. For example, if your house and all your stuff is worth $200,000 and you owe a mortgage and credit cards of $100,000, you will each walk away with approximately $50,000.
A good attorney can help you through this process.
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