Property Division in Divorce Settlement
Property division during a divorce is the key factor that decides your financial well-being in the long term. The community property is usually divided half and half, unless there are other inter-mingled issues such as separate funds used to pay for community property. There may be many other such issues because financials tend to get quite tangled up after a few years of marriage.
Are you considering a divorce and need information regarding property division? Our lawyers are here to help and to answer any questions you may have. Contact a divorce law attorney in your local area today.
Untangling the complex web is part of the divorce attorney's job, along with the other issues listed below.
Community property that has to be divided is the property acquired by either spouse during the marriage. Separate property would be that acquired prior to the marriage and certain limited assets like gifts and inheritances. There are bound to be some disputed properties that both spouses will lay claim to. This can be a community property that both want or something that one of the spouses claim as their own while the other maintains it is community property.
Resolving such disputes and then coming up with a valuation for each property is part of attorney's job. The 50-50 spilt legally means a split of the overall valuation. Each property has to be appraised and then both parties have to come to an agreement so that both get 50% of the total valuation. If there is no agreement, the court decides.
Are you involved in a property division dispute or do you have questions that need answers? Our lawyers are here to guide you! Contact a divorce attorney near you as soon as possible for more information about obtaining legal representation in your divorce.
Did you know?
Property Division laws can vary by state. Some states have a community property law which divides property accumulated during the marriage half and half. Other states have an equitable distribution law, where the higher wage earner gets more in the property division.