Division Of Property After Divorce
Divorce is an area of family law that is described as the end of relationship between a married couple. Of a truth, no one would ever desire that his/her marriage ends in divorce. When it does, a major challenge (aside from child custody) that many couples face property division.
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
- Children’s education
- 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. Since child support is never enough to cater for the expenses of having the kids live with a parent, this is why the house is usually granted to the parent with total custody to even things out. Yet, if the house is 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 ex-spouse and have a clear communication. Additionally, if you are still having challenges, then it is recommended to instruct an expert divorce lawyer. They will help in preparing and following through on your divorce.
For further details on division of property you can download our free Your Guide To Property Settlement eBook or contact Armour Allen Lawyers. Our highly experienced family and divorce lawyers specialise in property division. We also offer a free first interview at no cost and no obligation.