How do I deal with property and asset division during a divorce?
If you have been married for a short time and did not have a lot of assets to divide, it is not likely that you will have any trouble dividing your assets and property. However, if you had complicated assets and were married for many years, you may need legal help in dealing with the division of your assets.
Equitable distribution
The division of property and assets during a divorce is usually handled in an equitable way, which means that the spouses will share as much as possible and that neither spouse will receive more than half. There are a variety of factors that the divorce judge will consider, including how much each spouse earns, as well as how much they owe. Fortunately, you can protect your rights by working with a qualified divorce attorney in your area.
The equitable distribution of property and assets during a divorce can be complicated because of the many factors that go into the division. While no two people are the same, people will typically have different opinions about what is fair. The process of dividing assets and property in a divorce is based on what each spouse owes the other and what they need the most. Moreover, the duration of the marriage will be taken into account. The age of the parties can also make a difference in the division of assets.
Community property
When it comes to community property and asset division, each spouse should make sure to keep track of his or her separate assets. This is because separate property acquired before the marriage does not automatically become community property. This can change depending on the circumstances and actions of the owning spouse. However, each case is unique and requires careful consideration.
When you file for divorce, you should also be clear about the day that you separated from your spouse. While the exact date will vary from state to state, most community property states are on the west coast. This means that they begin with Washington and skip Oregon. From there, they move to California, Nevada, Arizona, Texas, and Louisiana. The exception to the rule in Wisconsin.
Prenuptial agreement
Before you get married, it's a good idea to make a prenuptial agreement to deal with property and assets during a divorce. This document should list all of the assets you own, any debts you may have, and any potential earnings capacity. It should also outline any provisions for the stay-at-home parent. A prenup can prevent the commingling of assets and save your family a great deal of money and emotional stress.
Prenuptial agreements are not just for the wealthy anymore. Today, many couples are signing them to protect themselves against the financial hardships they will face during a divorce. It's also helpful for young couples with minimal assets and debts. These couples may want to protect their future earning potential by keeping their education earnings.
Distributive award
Distributive awards are made to determine the fairest and most equitable way to divide marital property during a divorce. Distributive awards can be paid out all at once or in increments. Courts look at several factors to determine the distribution of marital property. For example, the length of the marriage will determine how the property should be divided, and the value of each party's assets and liabilities will be gauged.
The courts in New York follow an "equitable distribution" standard when dividing marital property. While the courts are not required to divide the property equally, they must do so in a fair manner. Generally, the courts look at the intentions of both parties and try to allocate property based on those intentions.
If you have any questions, you can get a free consultation with Ascent Law LLC:
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
