West Virginia Divorce & Finances
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The division of joint finances during a divorce can be a difficult and unsettling process. How will the court divide property? What will the tax consequences of your divorce be? Do you and your ex-spouse have estate planning issues to work out? Will there be an award of spousal support payments, and if so, what will the parameters of those payments be? The following are laws specific to West Virginia Divorce and Finances.
West Virginia Property Division/Community Property/Debts:
West Virginia is an “equitable distribution” state. Marital property will thus be distributed on terms considered to be fair. Note that “fair” does not necessarily mean equal. In the equitable distribution adjudication, 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.
West Virginia Spousal Support:
Spousal support is not an automatic obligation, but is decided on a case-by-case basis, either as agreed by the parties, or at the court’s discretion. Any fault grounds for divorce are considered in making the determination, as well as:
- Needs and resources of the parties, including all forms of income,
- Standard of living during the marriage,
- Marriage duration,
- Any special circumstances including age, physical or mental conditions, especially those that would impact employment potential,
- Each party’s contributions to the well-being of their family – monetary or otherwise.
Note that the spousal award amount and duration, once determined, are not set in stone. The court may modify or eliminate the award when circumstances justify doing so, for instance when the receiving party enters into another marriage or similar arrangement, or either party experiences a material change in financial circumstances.
West Virginia Divorce/Child Support/Child Custody Lawyers:
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West Virginia Divorce Laws: Click below to find the West Virginia Divorce laws you’re looking for: