We are going to separate or divorce. How are assets split?

Additional Information:

We are in our 50’s and are going to separate or divorce.  My wife works and makes approx $27K per year. I am currently collecting unemployment 4-6 months remaining at about $650/week.   Also, would she be entitled to half of my unemployment?  What happens if I get a job after the divorce will there be a provision for that?

ANSWER:

This  question requires a bit more information.  I would suggest that you consult with a local attorney or meet with a divorce mediator.  A divorce mediator would help you and your wife figure out what approach makes most financial sense.  Technically, even if you separate,  your assets are considered “marital” until you are divorced and they are allocated as part of a divorce agreement.  You could consider a Post-Marital agreement, only in the event that you want to work on and continue your marriage,  A Post-Marital agreement would allocate your assets now, without divorcing, and would be used as a divorce agreement if you decided to divorce in the future.  The intent of a post marital agreement is that the parties intend and desire to stay married but want to take care of the financial decisions now in the event they are to divorce as a way to help secure the marriage. And yes you would need to make a provision to deal with you resuming employment.  Divorce Mediation is a method of alternative dispute resolution that a allows a neutral professional to assist couples in making decisions for the families and finances  in a non-adversarial manner that is often quite cost effective.  Good luck with your decision in any event. 

Watertown Divorce Mediator and Attorney, Tracy Fischer provides divorce mediation services and helps divorcing couples figure out important financial matters and division of property. She works with families and individuals in the Boston Metro West area including the communities of : Dedham, Dover, Newton, Needham, Sherborn, Watertown, Wellesley, Weston.