The Challenge of Dividing Property During Divorce
The process of going through a divorce can be painful not only for the husband and wife, but also for their children. After living together for many years under one roof, here he is faced with the reality that his family will no longer be complete. Perhaps the most difficult part of this situation is having to deal with the truth while maintaining your sanity for the sake of your children and close family members who care deeply for you.
One of the things that must be resolved during a divorce and that can cause stress for both spouses concerns the division of all marital assets. Couples can decide on the division of their assets, debts and other financial obligations for themselves. If they can do this, an uncontested or no-fault divorce may be considered. However, if both spouses cannot come to an amicable agreement, they will have to go through the legal process and let the judge decide. In this case, the divorce lawyers will have to represent the spouses to ensure that all the requirements are met on time.
The property of a married couple is normally divided through community property or equitable distribution schemes. By community property, this means that it is the equal property of the husband and wife, so that when the divorce occurs, it will also be divided equally. On the other hand, equitable distribution refers to the fair division of the assets and profits obtained by the couple during their marriage. The division of property, in this case, may not necessarily be equitable, as the common practice is that the higher-income earning spouse receives the majority or two-thirds. The other spouse receives only one third.
By dividing property, the spouses do not get just the physical property, such as the house, vehicles, and personal belongings. Courts often award each spouse a certain percentage of the total value of their property. Assets and debts during the marriage will also be included in addition to personal property.
What will be excluded from the division of assets is the so-called separate property of one of the spouses. This covers property inherited by the spouse, compensation for personal injuries, gifts given to the spouse and the proceeds of a pension obtained before the marriage. If one of the spouses had a business before the marriage or purchased property with separate funds, then he or she is entitled to keep it after the divorce. However, in the case of a business, the other spouse may be entitled to a share, especially when profits increased during the time of your marriage or when the partner contributed to the growth of that particular business.
As for the house, the father who can be more with his children or who plays an important role in caring for the children stays. However, if there are no children involved, one of the spouses has to give in and this can be done by executing a quitclaim deed.
It can be a complicated situation when you divide personal property with your spouse. But divorce lawyers are there to help you solve his problems in case you don’t reach a fair agreement.