Economy Makes Changes to Asset Division in American Divorces

The change in the economy seems to be continually showing its effects in new and unexpected ways. It is easy to see the damage that has been caused and almost anyone can personally state some impact that it has had on their lives. One of these changes that can be noted has to do with the divisions that a married couple forces in their divorce. Commonly known to be the asset division portion of the case, in the past it was common for couples to have to decide how to divide up a house, stocks, savings and more. Depending on the state, property may be divided as community property or through equitable distribution. With the change in finances that many people have available, whether it is a result of a job loss or incurring an underwater mortgage, more individuals are finding themselves dividing up the negative side of their funds: their debts. The combining of two lives also means the combining of their owed expenses. This can leave some spouse's paying a cost that had nothing to do with them, such as the further education of their soon to be former spouse. A survey conducted by the Federal Reserve showed that since 2007 to 2010, the net worth of the median family income in the country fell by 38 percent, so this is a reality for many homes across the nation. For those living in equitable distribution states, the court will take into account which party the debt benefited most, while community property based states may divide it evenly, regardless of which spouse acquired it. These situations are often important to work with an attorney in so that they can help you find the best chance of retaining a lower amount of debt. Speak with a Lexington divorce attorney from The Law Office of Andrew Farley, LLC if you are dealing with a divorce and need a knowledgeable lawyer to help you find a successful end result.