What is a fault divorce?

A fault divorce occurs when one party is blamed by the other and viewed as causing the divorce. Traditionally, couples were not just able to divorce whenever they wanted to; one party to the marriage must have done something that warranted the other wanting to end the marital union.

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What is a separation?

Separation occurs when a couple who is married decides that they want to try living apart. Separation is often, but not always, a precursor to divorce. However, separation can also have different meanings in different states. Some states recognize the concept of a ‘legal separation,’ and such a formal arrangement can expedite the process of divorce. Others do not recognize a state known as ‘legal separation’ but may still enforce a separation agreement if the couple draws one up.

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Dividing Up Debt in a Divorce

In addition to the property acquired during the marriage, the marital debt is divided upon divorce. Dividing the debt upon divorce determines who is responsible to repay the debt.

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Divorce Decree Modification

A divorce decree modification may be possible because of a number of reasons such as a change in the circumstances of the parties. Read further for more information on divorce decree modifications.

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Effect of Divorce on Life Insurance

Upon divorce, it is important to review the beneficiary designations on existing life insurance policies and make any necessary changes. This may depend upon the financial obligations between the parties, such as alimony, child support, and other financial issues that may be contained in the divorce settlement agreement or ordered by the court. Read further to learn of the effects of divorce on life insurance.

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Dividing Home Equity in Divorce

To calculate home equity so it can be divided during a divorce, the first step is to get the currently appraised value of the house by a qualified residential real estate appraiser less the mortgage and any other liens on it.

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