There’s little that’s more disruptive to a happy, long-term relationship than divorce. While there are rare instances where couples can remain friends after their divorce is final, the general paradigm is that divorce is stressful.
That’s especially true when it comes time to divide your marital assets.
What constitutes a marital asset, and how do courts determine which should be distributed as part of the divorce settlement?
Keep reading to find out!
Table of Contents
How Do Assets Get Divided in a Divorce?
Dividing marital assets during a divorce is a complicated process. These assets are divided according to an alimony lawyer that applies in each particular state. Generally, the courts will divide assets in ways that they deem to be fair and equitable.
This may be based on either alimony, division of assets, or a combination of both, depending on the situation. Courts will typically try to divide assets in a way that is fair to both parties and does not leave either party worse off than the other.
Divorce Splitting Assets Such as Real Estate
Marital assets must be split equitably in a divorce in order to uphold both parties’ interests. Real estate division during the divorce process will depend on the type of real estate and the location of the marital residence. The property must be divided between the spouses in a fair and equitable manner.
When selling the property, it is important to consult a real estate lawyer to ensure the process is done legally and in both party’s best interests. If both spouses cannot agree to the terms, a court will decide the division.
Navigating the Division of Assets in Divorce
Navigating the Division of Assets in Divorce can be an overwhelming and complicated process. Marital assets must be divided equitably in divorce, meaning each party should receive a fair share of the marital estate. Before dividers are made, marital assets must be identified and valued.
This may include items such as real estate, vehicles, and any financial account. After a thorough inventory of assets has been established, these assets must then be divided according to legal guidelines in the state in which the divorce takes place.
Keeping Assets Separate in Marriage
Keeping assets separate during the marriage is an important step to ensure a fair and equitable division of assets upon divorce. It is a good idea to keep bank accounts, investments, and other assets separate, even if both spouses are listed together on them.
Finances can be kept separate by avoiding joint tax returns or joint liability on any debt. Additionally, spouses can sign pre- or post-nuptial agreements that clearly spell out who owns what and protects both parties in the event of divorce.
What Items Are Considered Assets in a Divorce?
Marital assets are any assets acquired during the marriage, such as cars, furniture, real estate, pensions, and bank accounts, and can vary widely from one state to the next.
In a divorce, assets may be divided equally or may be split based on the length of the marriage, financial need, and any other relevant factors the couple may have.
Explore About Marital Assets
In conclusion, marital assets can be difficult to divide during divorce due to the complexity of asset division law. To understand options better, it is recommended to consult with an experienced family law attorney.
Having the right legal counsel can help make navigating the division of marital assets easier and help couples determine what is in their best interests.
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