A marriage annulment is a specific legal process to end a marriage. Unlike divorce, which identifies a formal beginning and end of a relationship, a marriage annulment declares that the marriage is null and void. When a marriage annulment is granted to a couple, it implies that there never existed a relationship of marriage between the couples, to begin with.
The implication of marriage annulment on your finances
When a marriage is annulled, the courts do their utmost to restore each of the spouses to their original financial state which they had before the marriage.
This means that all the money and property you came with into the marriage with, is the only thing you’d walk away with. This also incorporates any debt you brought into the marriage. Joint assets and debt amassed together during the marriage are basically shared equally.
However, it is not usually easy to get a marriage annulled. For this to be granted, you must meet certain conditions which includes the following:
- Concealing permanent impotency at the time of the marriage
- Marrying way below the legal age
- Marrying under duress like a threat of violence
- Mental incapacitation of one of the spouses due to serious mental disorder or due to influence of alcohol or drugs.
- Fraudulent act or concealment like hiding significant information like drug addiction or felony.
- Refusal or inability of any one party to consummate the marriage.
Grounds for an annulment differ from state to state, so you may want to contact a family law attorney to help you with the specific laws existing in your state.
How marriage annulment will affect your finances
The term “finances” does not only affect your bank accounts, it also includes the following:
- The revenue flow, especially alimony or spousal support
- Your real estate
- Pensions and 401(k)
- Individual property, and
- Debts, like loans, mortgages, and credit cards.
All the courts, no matter the state, have the authority to decide on issues of child support, regardless of whether the parents are married, single, or divorced.
Annulment and support
In family law cases, support normally falls into two categories: child support and spousal support (alimony). This is also applicable to annulment proceedings.
Child protection is of utmost priority to courts, thus there is always provision for child support in every state law irrespective of the marital status of the parents.
It is the responsibility of parents to take care of their children irrespective of their marital status.
Alimony is usually not granted in some states like California on the grounds of marriage annulment. Other states, like New Jersey and Delaware, permit their court to award alimony in marriage annulment but this is not always the case.
Annulment and property
Due to the fact that an annulment makes a marriage null and void, the law allows the couples to part away with what they had before the marriage. In a number of instances, it works just okay as it frequently happens a short while after the marriage.
Annulment and debts
Sharing of property usually includes sharing of debt, as well. Both partners part away with the debt they incurred before the marriage while the debt they incurred during the period of the marriage is usually shared between the them.