29 Mar Divorce Laws in the US: Things You Should Know
Divorce can be a challenging process, and it’s essential to understand how it can affect your investments. In this article, we’ll discuss divorce laws in the US and how they impact women’s financial wellbeing. Specifically, we’ll focus on the six states where assets are split 50/50, and how these laws affect women’s investments.
Divorce Laws in the US: Know Your State’s Laws
Every state has its own divorce laws, including rules around asset division, spousal support, child custody, and child support. It’s crucial to educate yourself on the laws in your state, so you know what to expect if you’re considering a divorce. In some states, assets acquired during the marriage are considered marital property and are subject to division, while in others, assets acquired before the marriage or through inheritance or gift are considered separate property and are not subject to division. Some states allow for “no-fault” divorces, while others require proof of wrongdoing by one party.
Asset Division in Divorce: The 50/50 Asset Split
Asset division is a significant issue in divorce, and in six states – California, Washington, Idaho, Wisconsin, New Mexico, and Texas – assets are split 50/50 between spouses. This means that each spouse is entitled to 50% of the marital property, regardless of who earned the income or who paid for the assets. For women, this can provide greater financial stability and security after divorce, allowing them to move on with confidence.
Impact of Divorce Laws on Women’s Investments
Divorce laws can have a significant impact on women’s investments, particularly in states where assets are divided based on equitable distribution. In such states, women may receive less than half of the marital property, negatively affecting their financial wellbeing. Therefore, it’s crucial to understand your legal rights and protections in your state and seek professional help, such as a lawyer or financial advisor, to guide you through the divorce process.
Empower Yourself and Build a Stronger Financial Foundation
Divorce can be an opportunity for women to take control of their finances and investments. By seeking the right knowledge and support, women can turn this challenging life event into a chance to build a stronger financial foundation for their future. Don’t be afraid to seek professional help and make informed decisions that will set you up for long-term financial stability and success.
In conclusion, divorce can be emotionally draining, but it’s essential to be aware of the laws in your state and how they can impact your investments. If you reside in one of the six states where assets are split 50/50, you have a greater chance of receiving a fair settlement. Otherwise, seek professional help to protect your investments and financial wellbeing during the divorce process. Empower yourself to make informed decisions that will set you up for long-term financial stability and success.
What other aspects of divorce do you think we should cover? Please feel free to reach out to us via our contact form, Twitter or Facebook. Should you need help in the aspect of financial growth, please visit my company’s website, LexION Capital.
Elle Kaplan is the founder and CEO of LexION Capital, a fiduciary wealth management firm in New York City serving everyone who feels left out by traditional “Wall Street”, including women and the families they love.
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