How Do Gifts and Donations Factor Into My Divorce?

How Do Gifts and Donations Factor Into My Divorce?Fairfield County Family Law Attorney

When getting a divorce, you and your spouse will have to come up with a planned budget for the purpose of valuing the marital estate. You and your Fairfield County family law attorney will develop a budget representing how to divide up the marital estate. Some things will be easy for you and your spouse to properly value in the budget, but other miscellaneous items may be difficult to place a specific number on.

Valuing Gifts

Gifts for regular social occasions such as holidays, weddings and birthdays are regular and expected occurrences. As such, the budget should include provisions for gifts to be given in order to keep up normal social contact. However, the question is how much the spouses can be expected to spend on gifts. Typically, people are expected to buy gifts in accordance with their financial status, and divorced spouses will find that their financial status has changed drastically. To plan for this, your Fairfield County family law attorney might suggest specifying a cap on how much each spouse should spend on gifts or having each spouse agree to buy Christmas gifts for the children jointly.

Valuing Contributions

During a divorce, charitable donations are a luxury few can afford. As such, it is normal for divorcing parties to curtail charitable donations until they can get a handle on their revised finances. In some cases, there is a contractual agreement to give regularly to an organization which can be enforced. Your Fairfield County family law attorney should decide how to address this on a case-by-case basis.

To find out more information about how to plan a budget for your divorce, consult a Fairfield County family lawyer. Call Gary Mitchell at 888-452-1846.

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