Once you have signed the divorce papers and the battle is over, it does not mean the money you will be paid or payout to your ex-spouse is done. Long after the divorce is finalized, you may still be dealing with one another financially. Here are four of the ways that could happen.
There are three ways to end alimony payments that were awarded by the courts – death, cohabitation, or remarriage. It doesn’t matter how long the judge said you could enjoy the payments, if one of the three events should occur, the payments automatically end. Check with your alimony attorney Orlando FL if you have any questions.
Child support is awarded to the parent that has physical custody of the children and must be paid by the other spouse. Payments begin at the date issued by the court and can be backdated if necessary, though they almost always continue until the 18th birthday of the dependent child. If a child fights for emancipation, and it is granted, child support stops.
If there are no prenuptial agreements in place, spouses are expected to split most 401K and pension plan programs. The reason is that if the marriage continued, the benefit would be there, so it should be available after divorce.
The problem with property division is that it can often be divided equitably, but that does not mean it is equal. However, if the divorce occurs in a community property state, the property must be divided equally, even if it means selling the property to get money to split. The difference between equal and fair property division often has to do with what property was held before marriage by which partner.
It may seem like your finances will forever be entwined with your ex-spouse, but the day will come when your payments will end. Until then, pay on time and stay out of jail!