How To Divide Property In A Divorce?
When a marriage ends it usually involves tough decisions surrounding the fair division of property once shared during the union. Shared property along with assets and debts need to be valued to understand what your property and assets are worth. Things can get even trickier and complicated if for example a family business is involved.
Property division is a big issue during a divorce. One of the most common questions is, “Who gets the house?”
During divorce, couples must divide marital property and debt before the judge will grant the request for a divorce. Couples can work together to determine what property each spouse will take away from the relationship or ask the court to decide it for you. A judge won’t understand your circumstances or history as well as you do. It is always best to work with your spouse to come to an agreement, rather than letting a court decide.
The first step is to create a list of all your assets. Each spouse must be transparent during this process. Assets can include bank accounts, insurance policies, vehicles, retirement accounts, pensions, real estate, etc.
The next step is to then value your property. Once a value has been determined then you can better understand what a fair way is to divide your property. Divorce and family law lawyers can be very helpful during this process as they do this for a living every day.
Debt must also be divided – marital debt must also be considered within property division during a divorce.
Once you have listed all your assets, valued your property and decided how debt will be divided, then you can come to an agreement on how to divide your property, assets and debt. If you and your spouse cannot reach an agreement on how to divide your property / assets, and debt then you may want to seek legal advice from an experienced family law attorney in your area for help.
There are many things to consider to make sure that you are getting a fair resolution.