Divorce, in a simple term can be described as the end of marital relationship between a couple and the unification of their assets. Of a truth, no one would ever desire that his/her marriage ends in divorce. However when it does, one major challenge, aside from child custody that the majority of couples face is the issue of asset sharing.
How the division of property works?
Properties are generally acquired before and during a marriage, and are suppose to be shared equally between couples after divorce. However, there are instances where the laws of the state declare the share, which may or may not be equal. Any property acquired before marriage is protected by a Prenuptial Agreement, and each spouse is entitled to keep their individual property after divorce. Though in the absence of a Prenuptial Agreement, the entire properties acquire during the marriage are shared between the spouses during the divorce.
Factors that determine the sharing/division of property after divorce
A few of the several factors that determine the splitting of assets after divorce includes: Span of the marriage, marriage conduct, contribution toward acquiring of assets, health, Children’s education, age, income, etc.
The most preferred property by spouses in a divorce case is usually the house, and obviously can apply to other properties too. However, it is important to point out that a spouse who decides to bear total custody of their kids has a greater possibility of getting the house. Giving child support is never enough to cater for the expenses of having the kids live with a parent, which is why the house is usually granted to the parent with total custody to even things out. If the house is however a community property state, then it will be divided equally between the spouses.
How to handle the division of property
To make sure you get the most from your division of property after divorce, it is better to settle the differences between you and your spouse and have a clear communication air to elucidate the divorce terms. If you are still having challenges, employing the service of a reputable divorce attorney is recommended. They will help in preparing and following through on your divorce.
For further details on division of property after divorce or to discuss next steps, contact us today. Our highly experienecd family and divorce lawyers specialise in property division. We also offer a free first interview at no cost and no obligation.
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