Wyoming Divorce & Finances
The separation of joint finances during a divorce can be a headache, especially if you’re uncertain about how the process works. How does the court divide property? What are the tax consequences of your divorce? Are there estate planning issues that you and your ex-spouse need to resolve? Will there be spousal support payments, and if so, how much and for how long? The following are laws specific to Wyoming Divorce and Finances.
Wyoming Property Division/Community Property/Debts:
Wyoming 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.
Wyoming Spousal Support:
Spousal support is not an automatic obligation, but is decided on a case-by-case basis, either as agreed to by the parties, or at the court’s discretion. Any fault grounds for divorce are considered in making the determination, as well as:
- The 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, including when the receiving party enters into another marriage or similar arrangement, or either party experiences a material change in financial circumstances.
Wyoming Divorce/Child Support/Child Custody Lawyers:
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