Do You Know About These Common Divorce Myths?

There are many conceptions about divorce that are absolutely true. It’s not fun, it’s incredibly expensive, and it’s usually not something that anybody looks forward to.

But at the same time, there are many big misconceptions and myths that exist about divorce as well. Those myths are what we’re going to talk about today.

Here are the top five myths about divorce:

Myth #1 – If You Didn’t Work During Your Marriage, You’ll Receive Alimony Payments For Life

Will you receive alimony payments if you didn’t work during your marriage? Most likely, yes.

But it’s heavily unlikely that these alimony payments will be for life. It’s also highly unlikely that they will last as long as you think they will. This is because alimony payments are usually only given to ex-spouses who didn’t work during their previous marriage for a limited amount of time.

Myth #2 – If Your Ex-Spouse Was Responsible For Running Up Credit Card Debt, Paying It Back Is Their Responsibility 

If you live in a community property state, both of you will be responsible for paying back any debt. This is even true if your ex-spouse was the only one responsible for buying things on the credit card.

In fact, each of you will be responsible for paying back half of the debt, even if the credit card was in your ex-spouse’s name only. But, any debt that your spouse ran up on the credit card before your marriage will not be your responsibility. This includes community property states, so that should help relieve some of the burden on you.

Otherwise, if you don’t live in a community property state, you will usually not be responsible for the debt on a credit card that your spouse ran up (although there are exceptions).

Myth #3 – If Your Ex-Spouse Committed Adultery, You’ll Get A More Favorable Divorce Settlement

As outraged as you may feel, the vast majority of states have a ‘no fault divorce law’. This means that the cause of the break up for divorce does not play a factor in the division of assets.

Related: Surviving Divorce: 6 Things You Need To Do

Myth #4 – The Biggest Asset At Stake Is Always The House 

Sometimes it is, but not aways. Often times, individual retirement accounts or businesses will exceed the value of a primary residence.

Therefore, depending on your situation, do not automatically assume that the house will be the biggest asset and that you need to do everything you can do to keep it instead of your spouse.

Myth #5 – All The Money In Your Bank Account Will Be Yours After The Divorce Is Over 

Just because you are the sole name on a bank account does not mean that you are going to get all of the money in it after the divorce. 

This is because your ex-spouse may be entitled to some of the money in it. This all depends on how it was earned, whether it was inherited or not, and whether you live in a community property state or not.  In a community property state, all assets that were acquired during a marriage are considered to be owned by both spouses equally, or 50/50. 

* Quick fact: There are nine community property states. These states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Alaska is an opt-in community property state. 

 

 

 Need help with what items to collect? Grab your copy of our

FREE Divorce Financial Documents Checklist

Leave a Reply

Your email address will not be published. Required fields are marked *