Finances and Annulments

Finances and Annulments | Bloom Law Office, West New York

Finances and Annulments

Although it’s not as common, divorce attorneys are also annulment attorneys. Annulments are a rare situation, but Bloom Law has been specializing in this type of breakup for years. Unlike divorces, an annulment means that a marriage never legally took place. This is a critical difference for many couples—as well as for your finances. Who gets what if the marriage never really took place?

Just like divorce, which is the dissolution of marriage, it can depend. However, with divorces, “marital property” is often divided equally (the definition of which will depend on the judge). Marital property is usually defined as both assets and debts acquired during the marriage. However, the details of these assets, debts, and how they’re divided can vary from state to state.

With annulments, the courts do their best to make sure both parties are restored to their pre-wedding financial state. This is usually pretty simple. By design, annulments often happen quickly after the marriage. There are a lot of laws that dictate whether a marriage should end in divorce or an annulment. It’s often more difficult to get an annulment, and when they do occur the parties usually haven’t had enough time to acquire many assets or debts together.

However, in rare cases, assets or debts can be accrued prior to an annulment. What if one of you wins the lottery? What if one of you decides to wipe out the other’s bank account and go on a shopping spree? Dividing these assets and debts in an annulment is usually tackled as if two strangers got into the situation together. If children are involved in any way, child support and child custody agreements are treated like the marriage is ending in divorce—not an annulment.

Schedule a Consultation with Bloom Law Office Today!

Annulments are so rare because, in order to qualify, at least one person needs to show there was fraud, forced consent, lack of mental capacity to understand marriage, or perhaps one person was underage. If you do qualify for an annulment, it’s important to protect yourself and your financial well-being with the help of a divorce attorney. Call Bloom Law today at 855-208-3650 to schedule your consultation.