Divorce can not only affect a person emotionally -- whether it involves feelings of sadness, relief or even hope for the future -- but it can also affect a person financially. When it comes to finances and divorce in Rhode Island, the asset distribution process and debt assignment process can have a major effect on individuals who may already be facing financial challenges.
In a Rhode Island divorce, the marital debts must be distributed between the two spouses. This may come as a surprise to spouses who only think that marital assets will be divided. Assuming debts can cause an individual to face financial challenges, as he or she must now determine how to pay for such debts.
The financial challenges an individual in Rhode Island may face after a divorce could be due to a number of other causes as well. For example, in some cases, after a divorce an individual will go from living in a two-income household to a single-income household. In addition, sometimes a spouse who stayed out of the workforce while married will need to obtain employment following a divorce. Then there are the expenses associated with setting up a new household, such as renting an apartment and buying furniture and other household goods.
While these financial challenges may seem overwhelming, there is help. A family law attorney can educate individuals in Rhode Island about the asset distribution and debt assignment processes. For example, the professionals at the Law Office of Steven J. Hirsch, Esq., understand that going through a divorce is rarely simple, particularly when it comes to the financial aspects of divorce. They seek to help individuals pursue a fair resolution to their divorce legal issues. With over three decades of experience in family law, they can provide their clients with a detailed explanation of how asset distribution and debt division in Rhode Island works. These topics can be explored further by visiting the law firm's website.