When you are ending a marriage in divorce, one of the biggest issues that you would need to deal with is property division. There is a lot that goes into deciding what property will be divided and how to divide it. Continue to Read more about property division in a divorce.
The different ways to split your assets in a divorce
The two ways to split your assets in a divorce are settlement and going to trial. It is better if you and your spouse can reach an agreement about how to divide your assets and debt. If your case goes to trial and you have a judge decide the property division for you, it can increase the cost of your divorce.
How do state laws affect property division in divorce?
Depending on the state you live in, courts will divide your property either via community property or equitable distribution.
- Community property: depending on the state, all marital property is divided into community property or separate property. After a divorce, each spouse can keep their separate property, and the community property is divided equally between them.
- Equitable distribution: in other states, all marital assets are divided equitably, which means fairly. The division is not necessarily equal.
What should you do if you are dividing the property yourself?
If you have chosen to settle the property division yourself instead of going to court, there are a few things you need to do. Some things you should do to get started are:
- Make a list of your belongings.
The first thing you need to do is make a list of all the marital assets and debts that you and your spouse have.
- Estimate the value of your property.
Next, you should estimate the monetary value of all your assets. If there are things that you cannot estimate the value of, such as a business or a house, you can get the help of a professional.
- Decide on the owner
Next, you and your spouse should go through the list and decide on the owner for each listed item. It is better to start with the highest-value items first.
- Get approval from the judge.
Once you and your spouse have reached an agreement on the division of property, you can get the approval of a judge. However, there may be some exceptional cases in which the judge may not give approval.
Schedule a consultation with a lawyer today and get professional help with dividing your property after divorce.
