Can Receiving a Stimulus Check Affect Your Asset Division in a Divorce?
There is no denying that, in 2020, we are living in unprecedented times that seem to have changed just about everything. As such, it’s no surprise that the divorce process has also been affected. If you’re facing divorce, you may have questions or concerns about how the stimulus checks most of us have received – or are set to receive – will affect the division of your marital property. An experienced Fort Worth family law attorney can help you with that.
The Stimulus Checks
The national government responded to the pandemic that put the brakes on our economy by implementing a $2 trillion relief package that includes stimulus checks for most of us. In general, single adults have received – or are set to receive – $1,200, and couples are slated to receive $2,400. Further, those couples who have children under the age of 17 at the end of the 2019 tax year will receive an additional $500 per child.
Your Pending Divorce
If you are facing a divorce, one of the most important components of the divorce process is the just and right division of your marital property (or assets), which – in essence – means a fair division of your joint assets given the circumstances. This does not, however, necessarily mean an equal division of your marital assets. All of the following typically apply when it comes to the division of marital property:
- Those assets that you and your spouse acquired together as a married couple are marital assets – regardless of whose name they are in.
- Those assets that either of you brought into your marriage as separate property – and kept separate – remains your separate property. Any increase in value of such property over the course of your marriage, however, is subject to division.
- Any gifts and/or inheritances that either of you received in your own name alone during the course of your marriage remains separate property.
It’s Complicated
If you and your divorcing spouse receive a joint stimulus during the pendency of your divorce, it is complicated. First of all, nearly everyone has been adversely affected financially by the pandemic, which is the reasoning behind the stimulus checks. They will be deposited, however, in the account attached to your latest tax filing (whether it was 2019 or 2018), and if that account is no longer a joint account – that can be a problem. Further, if you and your soon-to-be-ex are not in agreement about your interim finances, the fact of a stimulus check is likely to complicate the matter further.
Discuss Your Divorce Concerns with an Experienced Fort Worth Family Law Attorney Today
Divorce is complicated at the best of times, but when you throw in a stimulus check (or checks) that is predicated on a national emergency, things become even more difficult. If you have questions or concerns related to your stimulus check – or to anything else that is divorce-related – the dedicated family law attorneys at the law firm of Kyle Whitaker are committed to providing you with the answers and the skilled legal counsel you seek. We proudly serve all of Tarrant County, so please don’t hesitate to contact us online or call us at 817-332-7703 for more information today.