The process of divorce can be painful not only for the husband and wife but even for their children. After living together under one roof for many years, here you are faced with the reality that your family will no longer be whole. Perhaps the hardest part of this situation is facing the truth while maintaining your sanity for your children and close family members who care deeply about you.
One of the things that needs to be settled during divorce and that can burden both spouses is the division of all marital property. Couples can decide for themselves how to share their assets, debts and other financial obligations. If they are able to do so, their divorce can be considered uncontested or no-fault. However, if both spouses cannot reach an amicable settlement, they must go through the court process and let the judge decide. In this case, divorce lawyers must represent the spouses to ensure that all requirements are met in a timely manner.
A married couple’s wealth is usually divided through community property or equitable distribution systems. Common property means that it is owned equally by the husband and wife, so in the event of a divorce it is also divided equally. On the other hand, equitable distribution refers to the equitable sharing of wealth and income earned by the couple during their marriage. The division of property need not necessarily be equal in this case, as the usual practice is for the spouse who earns a higher income to receive the larger share, or two-thirds. The other spouse gets only a third.
When dividing real estate, spouses not only receive the material ones such as house, vehicles and personal belongings. Courts typically award each spouse a percentage of the total value of their property. In addition to personal assets, assets and debts during the marriage are also included.
The so-called special assets of a spouse are excluded from the division of assets. This includes assets inherited from a spouse, personal injury grants, gifts to a spouse, and proceeds from a premarital annuity. If a spouse owned a business or acquired property with separate funds prior to marriage, he or she is entitled to keep it after the divorce. However, in the case of a business, the other spouse may be eligible to receive a share, particularly if profits have increased during the time of their marriage or if the partner has contributed to the growth of that particular business.
As for the home, the parent who can be with their children more or who has an important role in caring for the children may stay. However, if no children are affected, one spouse has to deviate, which can be done by issuing a declaration of assignment.
Dividing personal property with your spouse can be a difficult situation. But divorce lawyers are there to help you resolve your issues should you fail to reach a fair settlement.