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Divisions of Property

 

An important divorce issue is how property and debts are to be divided.  This can be done by the agreement of the parties and their lawyers or by a judge who may order how the property is to be divided.  Houses and cars are generally the biggest dispute among spouses.  Who gets the property?  Who gets the equity?  Who is going to pay all these debts?  These are some of the decisions that need to be made when assets and debts are involved.

 

In uncontested cases, the parties may be able to work towards a marital settlement agreement.  The marital settlement agreement is when both parties are able to reach an agreement on how property, assets and debts will be divided.  The parties may need the assistance of a lawyer to make this agreement legally binding.  A lawyer can present the settlement agreement before a judge if necessary and file all legal paperwork.

 

Property refers to anything you and your spouse own that has value.  In order to divide the property, you will need to make an inventory of all property and debts.  Additionally, you may need to determine between marital and non-marital (separate) property.  Marital property is acquired or earned by you and your spouse while married.  Non-marital (separate) property is property that was owned individually prior to the marriage and not commingled into the marital property.  It is also property received by inheritance before or during your marriage.  Each state has adopted either the “equitable distribution” or the “community property division” to help spouses in the division of their property and debts.

 

Though laws vary between each state, it is important that you petition the courts for an order preventing your spouse from eliminating assets or acquiring more debt.  Some states have orders providing for these measures to be automatically taken.  This order is extremely important, especially if the divorce involves large assets or debts or the divorce is a hostile situation.

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Divisions of Property Topics: (click on each for description)

 

Equitable Distribution

Community Property Distribution

Documentation Needed for Property Division

 

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