Delaware Divorce & Finances
Dividing your joint finances during a divorce can be a confusing and aggravating process. You might have a number of questions about how this is done. How will the court divide property? What will the tax ramifications of the divorce be? Do you and your ex-spouse have estate planning issues to settle? Will the court award spousal support payments, and if so, how much and for how long? The following are laws specific to Delaware Divorce and Finances.
Delaware Property Division/Community Property/Debts:
Delaware is an “equitable distribution” state. This means that the court will divide marital property on terms considered to be “fair,” but not necessarily equal. In making this determination, the court will consider, among other things, the contributions of each spouse to the marital estate, the total value of the properties of the parties, the economic circumstances of each party, any misconduct that may have occurred, and the amount of spousal support awarded.
Delaware Spousal Support:
Spousal support (called “alimony” in Delaware) is awarded to one spouse where he or she is determined to be a “dependent” party. The factors considered in making this determination include:
The recipient spouse is dependent on the other for support and the other is not otherwise obligated to provide that support after the divorce is entered,
The recipient spouse lacks enough property to provide for his or her needs,
The recipient spouse cannot meet the requirement to be self-sufficient through appropriate employment, or the recipient is the custodial parent of a child whose circumstances preclude this requirement.
Where the court does grant spousal support (also called maintenance or alimony), it is done without consideration for marital misconduct and with consideration for the following:
- The financial resources of the party seeking support,
- The time and input of resources necessary for the party seeking maintenance to find appropriate employment and sufficient education and/or training for that employment,
- The established subjective standard of living during the marriage,
- Marriage duration,
- Physical and emotional condition of the party seeking maintenance,
- The ability of the would-be payor spouse to meet his/her own needs while meeting those of the other spouse,
- Tax consequences, and
- Any other factor the court deems appropriate to consider.
Note that the spousal award duration, once determined, may not exceed 50% of the term of the marriage, except for marriages over 20 years long, for which there is no time limit for alimony eligibility. The award of alimony is terminated upon the death of either party, or the remarriage or cohabitation of the spouse recipient.
You may need a lawyer to help you deal with the financial aspects of your divorce if you and your ex-spouse cannot agree. You can find a lawyer at:
Delaware Divorce/Child Support/Child Custody Lawyers:
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