What are the factors to consider when dividing assets and property during a divorce?
Factors to Consider When Dividing Assets and Property During a Divorce
One of the key factors that will influence how a couple decides to divide their property and assets is the length of their marriage. If a couple has been married for twenty years, they are likely to have amassed more assets during that time and will have enjoyed certain standards of living while together.
Economic Circumstances and Opportunities
The division of assets and property during a divorce will consider the economic circumstances and opportunities of each party. For example, if one spouse owns a business or contributes a significant amount to the family business, the judge may give this asset to them. This offsets the loss and equalizes the assets and liabilities of both parties.
Another way to divide property is by buying out the other spouse. This will require mortgage refinancing and may be difficult to do depending on interest rates and credit ratings. If one spouse is unable to afford this option or does not want to live in the family home, selling the house may be the next best option. Alternatively, the divorcing couple may decide to split the sale.
Identifying marital assets
Identifying marital assets and property during divorce requires the categorization and valuation of all assets. You must also determine what non-marital assets you have, and establish a plan for how to divide them. If any of these assets are commingled with marital property, they may lose their separate property status. This can make property issues murkier, and they can take a long time to resolve.
Identifying marital assets and property is critical to ensuring that your spouse does not try to hide anything. While this can be difficult to do on your own, the attorneys at our firm can help you identify any red flags that may signal hidden assets, hidden debts, or improper transfers. When identifying marital assets, it's best to communicate any changes in spending habits or unexplained bank account depletion. The attorneys can help you categorize and sum up all financial accounts and credit reports. Ultimately, this information will help the court arrive at a fair and equitable division of assets.
Protecting assets
There are several different strategies to protect your assets and property during a divorce. The first one is to start making a list of all the assets you own and then start making a plan to protect them. If you are unsure about how to protect your assets, you should contact an attorney and discuss your options. An experienced attorney will be able to provide you with the necessary advice for your specific situation.
Whether your assets are joint or individual, it is important to have a list of them. This inventory should include information on where they are located, and who has access to them. It's also important to know if there are any joint or individual accounts.
Getting a point of agreement with your ex
Getting a point of agreement with your former spouse when dividing assets and property during a split is a vital part of life after divorce. Getting a point of agreement with your exes can save you time and heartache in the long run. However, if you and your ex cannot work out an amicable agreement, the matter may have to go to court to make sure that the property is divided equitably.
One way to get a point of agreement with your ex when you divide assets and property during a divorce is to decide whether you want to keep joint accounts. The two of you may be able to agree to co-manage the business, or at least split payments. This way, both of you will continue to benefit from the business after the divorce.
Protecting Social Security benefits
Protecting Social Security benefits when dividing assets during a divorce can be a complex issue. The Social Security Administration provides guidelines to help determine how to divide the benefits of both spouses. In some cases, the benefit of an ex-spouse may be greater than that of a separate pension. Divorce attorneys in Michigan can help clients determine how to classify their assets and property.
If you have a spouse who is receiving Social Security benefits from your previous marriage, it is important to protect these benefits from division. Federal law does not allow for offsets against your spouse's Social Security benefits. As such, these benefits should be treated separately from your former spouse's other assets. In addition, you should know that if you receive a partial benefit from a social security replacement plan, it will not affect your future social security benefits.
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
