Anyone going through a separation wonders what property they get to keep during divorce. Even before some people file for divorce, they think about what property they will walk away with when the divorce is finalized. Some worry that they will lose everything and others attempt to squirrel away money and other assets in hope that their soon-to-be ex spouses will not find these items. In most cases, there is no need to be concerned because a an experienced divorce lawyer ensures that property is divided fairly. Speaking with a family law attorney to understand the division of assets and debts during divorce is the first step getting what you need of your separation.
Division of Property in Divorce
A divorcing spouse can usually expect to walk away with nonmarital property, which is anything owned prior to the marriage and not commingled with assets acquired during the union. For example, if an individual receives an inheritance before getting married and keeps this money in a separate account of which he or she is the sole owner, a spouse usually will not receive any of this money during a divorce. The money typically remains nonmarital property, which is not subject to division.
However, if this inheritance is placed into a bank account owned jointly with the spouse and income earned during the marriage is also deposited into this account, the outcome may be different. Since the inheritance is now commingled, it may be considered marital property in divorce and therefore, subject to division. A paper trail and good legal assistance can prevent this from happening.
Understanding Marital Property is Essential in Divorce
Some divorcing spouses are emotionally attached to their marital homes. Others made the majority of financial contributions to its purchase and maintenance. In either situation, the individual may wish to keep the home following a divorce. This may require providing the other spouse with money or an asset of equivalent value. With legal guidance, a divorcing spouse can ensure that this situation is handled fairly.
Cars, boats, and recreational vehicles are other valuable assets that may or may not be considered marital property in divorce. When purchasing these items, spouses often do not consider that the assets may someday be subject to division due to divorce. They may need to make some compromises to ensure fair property division in divorce.
Another issue that often arises is dividing retirement in divorce. This may involve complex formulas that require professional financial and legal guidance. Therefore, it is advisable to retain a divorce attorney and, possibly, an accountant in order to prevent being taken advantage of financially. Fair and accurate division of property and other assets prevents negative feelings from surfacing and helps speed the way toward the dissolution of the marriage. Speaking with an experienced divorce attorney to find out what property you keep during divorce is the best move you can make! Contact us right away!