Dividing property and assets when considering divorce often comes up, and it is important to know the regulations before filing. When filing in Hamilton County, there is a strict procedure to follow for property division to split the assets equitably. Fortunately, a skilled attorney with experience in these cases could help you through the process to further ensure you are getting the property you deserve.
There are various types of property that could be split in the event of a division of property in Hamilton County, including the following:
In equity jurisdiction, each of the applicable properties of the couple are divided based on a list of factors that are set out in the statute the court considers when deciding what is fair. Some of the factors used to determine who gets the assets include:
Once each factor is determined, the judge will divide the property equitably to benefit both individuals as much as possible. Before doing so, an experienced attorney could provide the necessary evidence and put forward a strong case to ensure the best possible outcome for the claimant.
When splitting assets, there are two important steps the judge must do to assign value: determine what is and what is not marital property and decide whether the property was either transmuted or commingled.
Transmuted property refers to property that has gone from one of the spouse’s property to both after marriage. For example, if a couple refinances one of the houses to have both of their names on it, it becomes transmuted marital property. Commingling would include a spouse who comes into the marriage with investments that are then moved into joint accounts. Further, qualified forensic accountants may be brought in by a qualified attorney, if necessary, to assist the couple calculate those assets.
Once the assets and property are divided, one attorney may be tasked with drafting the order, while the other attorney is able to review and comment to finalize specifics of each spouse’s property after the divorce. A skilled attorney could guarantee the execution of the asset division in a timely manner, saving the individual money, time, and stress.
Separating from a spouse may already be stressful, so it is important to be sure you are getting an equitable part of the assets you came with, as well as an even portion of the property you both owned. A seasoned attorney could help with the process by doing the necessary research to ensure you are bringing a solid case to court.
If you are looking to go through a property division following a divorce, call our Hamilton County firm to schedule a consultation today.