Maine Divorce & Finances
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UPDATED: Jul 16, 2021
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The division of joint finances can be one of the more unpleasant aspects of getting a divorce. The prospect of losing your share in jointly owned property can lead to many questions. How will the court divide property? What will the tax consequences of the divorce be? Do you and your ex-spouse have estate planning matters to settle? Will the court award spousal support payments, and if so, what will the parameters of the spousal support be? The following are laws specific to Maine Divorce and Finances.
Maine Property Division/Community Property/Debts:
Maine is an “equitable distribution” state. This means that the court will divide marital property on terms considered to be fair. Note that this does not necessarily mean that the division will be equal. In making the equitable distribution determination, the court will consider, among other things, the contributions of each spouse to the marital estate, the total value of the properties of the parties, the economic circumstances of each party, any misconduct that may have occurred, and the amount of spousal support awarded, if any.
Maine Spousal Support:
There is no automatic obligation for either spouse to support the other in the event of a divorce. Where the court does grant spousal support (also called maintenance or alimony), it will do so on a case-by-case basis and in consideration of many factors, including:
- The financial resources of the party seeking support,
- The time and input of resources necessary for the party seeking maintenance to find appropriate employment and sufficient education and/or training for that employment,
- The established subjective standard of living during the marriage,
- Marriage duration,
- Physical and emotional condition of the party seeking maintenance,
- The ability of the would-be payor spouse to meet his/her own needs while meeting those of the other spouse, and
- Any other factors the court deems relevant.
Note that the spousal award amount and duration, once determined, are not set in stone. The court can modify or eliminate the award when circumstances justify doing so, for instance when the receiving party enters into another marriage or similar arrangement, or one party experiences a material change in financial circumstances.
Maine Divorce/Child Support/Child Custody Lawyers:
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