Nobody desires to get a divorce after being married – we all look forward to a marriage that will last a lifetime. However, when there is need to divorce, there are lots of questions that will come to mind. One of such questions is, “what happens to my property when I get a divorce?”
Divorce does not only end the marriage between you and your partner but also means that the properties you both shared previously be divided. Sharing the family’s assets due to divorce can be extremely challenging. Particularly if there are important properties such as buildings, rental property, pension plans, etc. Deciding who should get what can quite be a challenge, even under the most pleasant of situations. While the assets acquired by either spouse before the marriage (separate property) can continue to be the property of the genuine owner, virtually everything owned after the wedding and before the separation (marital property) are eligible for division upon divorce.
In sharing marital property, there are two main systems that are usually employed
1. Community property: All property acquired during the marriage are subject to a 50/50 split.
2. Equitable distribution: Marital property are split in an unbiased fashion, bearing in mind the length of the marriage, the earnings capacity of each spouse, custody of the children, as well as other pertinent factors.
Since the marital property will be divided in accordance with your state laws if you divorce, you should consider entering into a prenuptial agreement with your spouse before marriage, especially if either of you expects to earn a significant income.