Division of Assets
While married you and your spouse probably shared all assets and debts. Now, during your divorce proceedings they will be divided either by an agreement between you and your spouse or through a decision by a judge. Property division laws vary from one state to the next.
Typically you will be required to make lists of all property at current market value, as well as any debt you owe from loans, credit cards, etc. Any equity in homes, stocks, retirement accounts, and other joint assets must also be taken into consideration.
How Family Courts Divide Property
Whether you use a divorce attorney or mediator through the property division agreement process or present your case yourself, it is important to understand that family courts typically divide property and debts under one of the following two standard methods.
Community Property: Each state has its own specific family laws. In Arizona, Alaska, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Wisconsin, Washington and Puerto Rico property of a married person is either classified as community property (equally owned by both spouses) or separate property of each individual spouse. During the property division process, community property is generally divided equally between the spouses, while each spouse keeps his or her own separate property.
Each state has its own specific family laws. In Arizona, Alaska, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Wisconsin, Washington and Puerto Rico property of a married person is either classified as community property (equally owned by both spouses) or separate property of each individual spouse. During the property division process, community property is generally divided equally between the spouses, while each spouse keeps his or her own separate property. Equitable distribution: In other states, the earnings, debts, and assets acquired during the marriage period are divided fairly (equitably), which may not necessarily be equally. Some of these states may allow the judge to order one party to use separate property to ensure the division of assets settlement is deemed fair to both parties. Divorce attorneys can be extremely helpful walking you through the process and protecting your rights and property in this situation.
Property Division Percentage
Its important to understand that the division of assets during a divorce does not necessarily mean a physical division. Its typically based on a percentage. Each spouse will get their portion of the assets, personal property, and debts based on the percentage of the total value of the assets and debts the courts determined fair.
Contact a Local Divorce Lawyer
Retaining the services of a divorce lawyer in your state will help walk you through the process and ensure the division of your assets is acceptable. Contact a local divorce lawyer for a free consultation now at 877-245-1916′
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