If you and your spouse are heading for divorce in New Hampshire and you have a child together, you may have concerns about the implications of a split for your finances as a single parent. Something you may not be aware of is that asset division can affect the amount of child support you pay or receive.
You can better prepare for your divorce when you know New Hampshire’s asset division laws and how they may impact your financial future.
What are New Hampshire’s asset division laws?
New Hampshire is an equitable distribution state, meaning that only the property you obtained during your marriage is eligible for division with your former partner. A judge will determine how to fairly distribute your assets, including homes, vehicles, businesses, investment accounts, cryptocurrencies and collectibles.
How does property division affect child support payment amounts?
The state of New Hampshire has a formula for calculating child support amounts. Asset division can affect how much money you and your spouse have at your disposal to care for your child, which may lead to an adjustment of your child support payment amount. Some factors related to property division that can have an impact on your child support amounts include:
- Which spouse keeps the house
- Who takes on fixed payments for assets such as a mortgage or car payment
- How much living expenses increase for you and your spouse due to living apart
- How gaining or losing assets changes your taxes payable
Understanding New Hampshire’s property division laws and how they may affect child support payments can help you avoid surprises as you move into this next chapter of life.