If you are getting a divorce, one of the most important things to understand is property division. What is marital property, and what is separate property? How will assets be divided between the two of you? These are all important questions that need to be answered. In this blog post, we will lay out everything you need to know about property division in your divorce. We will cover what is considered marital property, what is regarded as separate property, and how assets will be divided between the two of you.
Marital property is any property, assets, or belongings acquired by either spouse during the marriage. Property can include physical items such as furniture, jewelry, electronics, vehicles, and finances such as bank accounts, investments, and real estate. In a divorce settlement, marital property will be divided between the two spouses based on equitable distribution laws. This means that the court will attempt to divide property equitably, taking into account factors such as the length of the marriage and each spouse’s contributions to the marriage.
Unlike marital property, separate property is any acquired before or outside marriage. Separate property includes assets such as inheritances, gifts, and any property owned before the marriage. In most states, separate property is not subject to division during a divorce settlement. This means that if you receive an inheritance or gift during the marriage, it will remain your own individual property after the divorce is finalized.
Once marital and separate properties have been identified, the court will then divide assets between the two spouses in a fair and equitable manner. The court considers many factors when determining who gets what, such as each spouse’s contribution to the marriage, length of the marriage, both parties’ income level and earning potential, and any other relevant issues. In some cases, the court may order a spouse to pay spousal support if one person has been financially dependent on the other during the marriage.
We all know that the more you fight in divorce, the more complex and drawn-out the process will become. This is especially true when it comes to property division. To make the property division in your divorce as easy as possible, it’s important to keep a few things in mind. First off, you can create an inventory of all marital and separate property. It’s also a good idea to agree on who should get what. In fact, if you don’t fight over every asset, you can save yourself a lot of time and money.
Finally, remember that the court will take into account not just what is fair but also what is equitable when dividing assets. By understanding the difference between marital and separate property and how the court divides assets in your divorce, you are better prepared for the property division process. Knowing your rights and understanding the laws governing property division in your state can help you ensure that you get what is fair out of the divorce settlement.