When a marriage is over, Divorce Attorneys in Kendallville Indiana, should be contacted. It is important to protect legal and financial interests. It is not recommended to wait until bills are left unpaid or money is removed from bank accounts by an angry spouse. Obtaining sound legal advice from an experienced attorney on how to proceed with a divorce is the first step that should be taken. An attorney can advise whether spousal support or alimony should, or could, be available and how assets and debts could be separated. If there are retirement plans or large amounts of assets, their distribution should be handled by an attorney.
Assets obtained before a marriage remain the property of the party that brought them into the marriage. If an asset was sold that was owned before a marriage to purchase a marital asset, that party is entitled to receive those funds back. If there are 401K’s or any type of retirement plan from work, a determination of the value must be acquired for the balance on the date of the marriage. Divorce law is very complex and that is why Divorce Attorneys in Kendallville Indiana need to be retained.
Marital assets and debts are terms used for anything that occurred after a marriage took place. Debt is usually divided by the parties’ income levels. If one party was a stay at home parent with the children and the other party worked, the one party will have to give up some of the assets they may have normally received in order to pay off the marital debt. Spousal support or alimony could also be award to the party that was not working. Hiring an attorney who has years of experience in family law cases is important to protect the legal interests of the person now and in the future.
If the parties cannot agree on a fair and equitable settlement, the divorce proceedings will have to be presented to a judge. In some cases, mediation can take place before a divorce is final. It is not recommended to proceed through a divorce without an attorney. For more information on family law, please check out yoderandkraus.com or their Facebook page.