States that offer an equitable division of assets and debts enter into the most complex issue in divorce cases. Since Montgomery falls under such a category, it thrives to offer fair dealing between two parties to prevent one of them from suffering unjust financial burdens. However, the best idea is to get help from a Montgomery divorce attorney who has secured years of experience in similar cases and can provide the best solution.
Factors Influencing Inequitable Division Of Assets
Although the law presumes that the division should be equitable, it tends to be a mere presumption, as several factors might bar the court from providing an equitable distribution. Some of the major factors include:
Previous Standard Of Living
The standard of living of both spouses during the years of their marriage is taken into account. A divorce generally lowers the living standard of a spouse. Therefore if one is found living in luxury and the other in poverty, the court orders an unequal distribution of wealth to ensure that both the individual’s future is secured.
Responsibilities Related To Child Custody
If the spouse has been given the primary custody of a child, there comes a provision of unequal distribution of assets. The division of assets would concern the child’s future education and living standard.
Financial Contribution For The Career Of the Spouse
If a spouse has contributed financially to the establishment of the career of another partner, then the court might order a share of the individual’s future income. Such contribution includes education or relevant costs, and the spouse is entitled to receive credit for that.
Potential For Earning
Another factor considered before the separation of assets is the potential future income. Since future modifications in property divisions can’t be taken into account, the prospect of future earning potential is a valid factor which might lead to inequitable distribution of wealth when one is found to have more earning potential in future.
While these are some of the primary factors, there are several other factors, such as the consideration of tax liabilities as a result of the division of assets, the health of both spouses, possibility of different income sources, among many more. Therefore it is important to consult a Montgomery divorce attorney who would equip the client with the federal laws of the state and help one to emerge successful in the court proceedings.