High Inflation And Divorce
From discussing the grocery bill around the dinner table to talking about the economy on nights out with friends, inflation is on people’s minds. An uptick in prices impacts different families in different ways, and this is also true for couples moving toward ending their marriage.
If you are wondering how the current economy and high inflation will impact your divorce agreement, talk to a Bucks County family attorney. Asset division and support payments are part of the divorce process, and understanding what is possible for you and your future is an essential part of paving a path forward.
Fair Value and Asset Division
Asset and debt division is part of crafting a divorce agreement. When it comes to divvying up investment balances, inflation and the current value of assets could impact outcomes. The value of assets at a past date will not be taken into account. When determining the value, today’s current market rate is what will be considered. So, for example, if you and your spouse own a large amount of stock, what could those shares be bought and sold for in the current economic climate.
When the value of investments is down, it may be best to retain the investments in the hopes the value will grow in the future. But in the course of negotiations, prioritizing your top objectives sometimes means you need to sell some assets or accept a payout for the value of assets. Then, maybe your spouse will retain stocks in order for you to secure other objectives.
Spousal or Child Support Payment Orders
Additionally, economic concerns could have an impact on if a spouse is ordered to make support payments and how much those payments will be. For example, changes in a person’s income level will mean a shift in the amount they will be ordered to pay. Even after a divorce is finalized modifications could be pursued. So if you accept a job that has a very low pay rate because it is the only job available at the time of your separation, but your income significantly moves up over time, support payments could be adjusted.
If you have questions about the current economic climate and how high inflation or your income could impact your divorce agreement, make an appointment with a Bucks County family attorney. An experienced lawyer will be able to create a strategic approach uniquely suited for your situation once they are familiar with your finances today and your hopes for the future.
Are you ready to talk about asset division? The family law attorneys at Kevin L. Hand, P.C. will listen to the details of your situation and share with you what options are available. Our attorneys will strategize the best path to achieving your goals whether you are exiting a marriage with no kids and a high net worth or are hoping to secure full custody and spousal support. Legal experts are available to help, a skilled attorney will fight for your rights. To get started, call 215-968-6602.
