Divorce planning from NoMarriage.com
DIVORCE PLANNING At the time of marriage, most people usually don't plan their business affairs in anticipation of some day being divorced. However, if you wish to avoid being "taken to the cleaners" in the event of divorce, early divorce planning is an absolute necessity.
To understand divorce planning, you must understand the basics of the equitable distribution law (EDL), which most states have. The EDL, which recognizes marriage as an economic partnership, has the following requirements:
Upon divorce, separation, or annulment, property accumulated during the marriage must be distributed in a manner reflecting the individual needs and circumstances of the husband and wife regardless of ownership.
Maintenance (formerly known as alimony) should be awarded to meet the reasonable needs of either spouse. Maintenance is a temporary or permanent payment provided for under a written agreement or awarded by the court.
In addition to a maintenance award by the court, there is also an equitable distribution award and distributive award. The old divorce laws did not permit division of property acquired during the marriage unless title was held jointly by both husband and wife. Under the EDL, a court distributes marital property equitably between the husband and wife, giving consideration to the particular circumstances of the case. Equitable distribution does not mean equal distribution. Equitable, but not equal, division may be made even of jointly owned property, such as a home or bank account.
More Divorce planning information will be available soon.