Dividing Property And Coming To A Divorce Agreement
Posted on: 27 February 2020
An easy divorce is one in which both parties know exactly how to divide marital property and are interested in being fair to each other. While it would be great if all divorces were this way, many people find themselves in the middle of a heated argument over everything when going through a divorce. Even if you come up with a divorce agreement that seems reasonable to you, a divorce attorney should always look over the agreement before you sign anything. You will want to know how property is divided in your state and what is considered marital property and what is considered your separate property.
Know How Property Is Divided
There are two ways marital property is divided in a divorce. In community property states, all property is divided in half regardless of the income of either party. In an equitable distribution state, there is more leeway granted in dividing up property. For the person who makes less of an income, they might receive more of the marital property in the divorce. The property might also be divided in half, but division should be equitable and not necessarily in half.
Establishing Separate Property
You may have property that is yours to keep and not subject to division in a divorce. Inheritances you have kept separate or money you had in a retirement account prior to your marriage is separate property that is not part of your divorce settlement. Any funds that have been in a joint bank account are marital property, even if only one person earned the money. If you inherit a large sum of money and you take $10,000 and put it in a joint bank account, the $10,000 is now considered marital property.
How Your Divorce Attorney Helps
Your divorce attorney will look over the marital assets to help you figure out what you are willing to settle for. If the divorce is contentious, your attorney will negotiate on your behalf. Once you come up with an agreement, your attorney will make sure that it is fair to you. If you can't come up with an agreement, your attorney will bring your case to court and represent you in front of a judge.
Each divorce is different. To get what you deserve from your divorce, work with divorce attorney services, like the Hugh O. Allen Law Offices. How your property is divided can have a significant impact on your ability to take care of your future needs.
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