As you know from the moment you get married, the property that you own with your spouse during the marriage will typically be seen as “shared.” Yes, there are sometimes differences between what is considered “separate” and what is considered “marital” property in the eyes of the court. Typically, separate property will include any property that was owned prior to the marriage, an inheritance received by either spouse, a gift received, or payment received for pain and suffering. This can sometimes make it difficult to divide property during divorce.
How Division Works
Couples may not always run into difficulty when it comes to dividing the small stuff, but they might when they have to divide the family home, vehicles, collectibles, and more. The first thing that you should do with the help of your attorney is to make a complete list of all assets that is honest and fair to both of you. Making a list amongst yourselves is the best way to avoid having to pay the court and give away your time so that they can help distribute your assets. In the U.S. today, 90% of divorces will be settled without a trial through the use of property division agreements.
Perhaps some of the most difficult parts of cases are those that involve retirement benefits and family businesses. In some cases, because retirement benefits may be considered marital property, the spouse may be entitled to some portion of these benefits and this must be taken into consideration. On the other hand, businesses can become complicated matter because the value of the business and profit in the future must be considered. There are many different factors to be considered in all cases.
Call us today if you are in the midst of a divorce or considering divorce and need help. We will help you lay out all options and consider what works best for you.