Who gets what property during divorce? This is a question that requires an in-depth analysis of the assets and debts of the marital estate. When purchasing a home, car, or even furniture, most married couples do not consider that they may someday need to divide this property. In fact, dividing marital property in divorce is something that many spouses do not think about until they absolutely must. The physical act of dividing these assets is a tangible indication that the marriage has ended. Unfortunately, property division is a necessity during divorce so it helps to understand how the process works. Speaking with one of our experienced attorneys for a free consultation is the first step to figuring out what property you get during your divorce!
Find Out What Property During Divorce You Deserve!
Married couples have different types of property and the distinctions are usually unimportant until they begin the divorce process. Assets owned by one spouse and brought into the marriage are usually classified as individual property. Assets acquired after the couple is married are commonly referred to as marital or community property. Disputes often arise regarding the division of this second type of assets.
Both parties may want to become the sole owner of certain marital property during divorce. For example, one spouse may want to keep the home. The court may approve this but require that spouse to compensate the other for his or her share of ownership or give a marital asset of equal value to the other spouse. Divorcing couples should expect to make such compromises when it comes time to divide their marital property.
If it has been commingled with marital property, nonmarital property can also be tricky to handle during a divorce. For example, if one party received a monetary inheritance before getting married and deposited this money into a joint bank account after the marriage, the inheritance is now comingled with money earned by each spouse during the marriage. The couple must determine which money is individual property and which is marital property, then divide the funds accordingly.
Since property division can be so complex, it helps to have legal representation. A family law attorney is most qualified to provide guidance and assistance in this situation. This lawyer can help married couples deal with property division in divorce without fighting. Legal representation ensures that each divorcing spouse will be treated fairly when property is divided.
Family law attorneys understand how marital and nonmarital property should be divided and they know how to handle shared debts. They can even find hidden assets to which their clients may be entitled. Whether a divorcing spouse is trying to retain the marital home, keep a treasured car, or emerge with an inheritance intact, this legal support can be invaluable. Getting the divorce help and advice you need is just a click away – fill out our form today and connect with an attorney for free.