How Is The Division Of Property Handled In A Divorce?
Are you preparing to go through a divorce with your spouse, and you do not know what to expect? You may have concerns about how the division of property will be handled so that you can have realistic expectations. Here is what you need to know about how this part of the process happens.
There are going to be plenty of items in your home that are considered marital assets and need to be divided equally. The process of dividing these things starts with identifying all items that are considered marital assets. One important thing to keep in mind is that it does not matter who bought things or who uses them since anything bought with shared marital funds is considered a marital asset. This even includes clothing that clearly is only used by one person.
All those physical assets will then have a value associated with them to determine their worth. The assets will then be divided among both spouses so that the total worth of the assets is as close to 50% as possible. However, it is possible for an agreement to be made between both spouses that is not close to 50%, where some assets are used as leverage to keep others.
Big Ticket Items
Big ticket items, such as vehicles and homes, are handled in a similar way. The problem is that there is only one asset that needs to be divided and it typically cannot go to both people at the same time. The item will be assessed to determine what its value is, and then it will be determined if someone wants to keep the item or if it should be sold.
If a big ticket item is sold then the profits would be equally distributed among both spouses after the sale is complete. If the item is kept by one person, then they could pay their spouse for the other half that they own. For an expensive item, such as a house, this may involve getting a mortgage to cover the payment amount.
All of the cash in a savings account will be divided in half and become each person's personal savings. One spouse can then use the money from their personal savings to pay the other for a big ticket item. For example, if you wanted to keep an $8,000 vehicle, you could pay your spouse $4,000 from your personal savings to do so.
For more info, contact a local divorce lawyer.