Dividing property after divorce could be a complicated process for you and your ex-spouse, as it is difficult to understand how the process works and how the courts are involved. Equitable distribution laws allow the court to divide marital assets as equally as they see fit. In some circumstances, the result is not a 50-50 split, although this is a common the outcome.
Dividing assets during a divorce may be incredibly complex and could require the help of a skilled divorce attorney. Here at the Yates & Wheland Law Firm, we have dealt with numerous divisions of assets during divorce, and we are here to help serve your needs. Contact us today to learn more about the division process or to set up a consultation.
Dividing up property on your own is possible. You and your spouse may be able to come together and create a list of your belongings. Working together to create a list of items that you own jointly could be beneficial to dividing up property without the courts’ involvement. During this process, you can omit property that you both agree on, as well as items of insignificant value.
In addition to working together to divide up the property, agreeing on the value of items worth over a specified amount is also essential. If there are higher valued assets such as businesses, a house, or anything more challenging to put a price on, seek out the advice of an agreed-upon outside authority. After coming up with a list of all the items, establish which item belongs to who and come up with reasoning to back those claims. Lastly, consult with a judge in order to have the agreement approved.
Dividing property in court is typically done in one of two ways: through community property or equitable distribution. Depending on where you live, you could decide whether your property will be considered community property or equitable distribution.
Community property is when all property in a marriage is either under the title of community or separate. Upon divorce, community property is typically divided equally between partners, with each partner allowed to keep their respective individual property. On the other hand, equitable distribution involves dividing all assets and earnings accumulated throughout the marriage. Equitable distribution does not necessarily mean that all assets will be distributed equally, but instead that assets are divided fairly.
Going through a divorce can be a devastating and challenging process, especially when property is involved. Here at Yates & Wheland, we aim to take some stress off your shoulders by giving you the resources needed for success. Contact us today for more information.