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Legalities Surrounding Property Issues During Divorce | Attorneys-Divorce.org

Legalities Surrounding Property Issues During Divorce

When a couple decides to get separated or divorced then they also have to decide on the property issues. This is a very crucial issue during divorce. The marital property has to be distributed among the two owners. However, some states allow the individuals to keep the non-marital property with them. Non-marital property which includes; inheritances, businesses owned and gifts received before marriage, is the one that a couple brings into marriage or receives during marriage and keeps it separately during their marriage. But when the non-marital property is mixed with the marital property it becomes part of the community or marital property.

Sometimes the couple divides up the property themselves without involving the court. However, the final agreement about the division of property has to be passed by a judge. Normally the judge approves whatever decision is made mutually by the couple. But if the court or judge finds that one person is taking greater share then the judge has to investigate about the matter to ensure that no one is taking advantage at the expense of the other person. But if the couple is unable to decide on the property then the dispute has to be taken to the court.

The divorcing spouses should list down the property including; equity in homestead, other real property which includes marital homestead, vacation home, business property, rental property and undeveloped land and personal property including home furnishings, business assets includes partnerships, sole proprietorship, professional degree, professional practices and some others.

Retirement benefits, stocks, bonds, and funds, hidden assets and debts come under financial assets. After listing down property the couple should then value their property and subtract the debts and then distribute it equally among them. If the couple cannot resolve this property issue then court decides it for them.

Property is categorized as community property and equitable distribution. The court distributes the property by awarding a certain percentage of the total value of property to each spouse. Community property is the property of a married person which includes all earning incurred during marriage and all the things bought by those earnings.

The assets and earnings incurred during marriage are fairly and equitably distributed among the spouses upon divorce. The debts and other financial obligations are also equitably distributed. Separate property remains separate after divorce and goes to the owner of that separate property.

Another important issue during divorce is that who will have the right to live in the house. If the couple has children then the spouse spending more time with kids has the right to live in that house during divorce. And if they have no children and the house is a joint owned property then no one can force the other spouse to leave the house because they both have the legal right to live in that house. If they face situations like domestic violence and other such factors then the judge can remove him/her out of the house. But if the house is a separate property then the owner has the right to live in the house.

 


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