Married couples who choose to divorce will often be left with the task of dividing their assets when it comes time to sign a divorce settlement. This is rarely an easy task, as each spouse will desire a more favorable share of the couple's assets.
Before negotiating a settlement agreement, though, it serves individuals well to understand what assets will and will not be divided. What can and cannot be divided is legally mandated, which is why it is important to have an experienced divorce lawyer to help with the process.
Only marital assets will be divided in a divorce settlement. This means that any valuable property that either spouse possessed before marriage usually will not be included in the settlement, but usually all property acquired after marriage is up for division.
Common pieces of marital property that must be divided in the divorce resolution include:
-Joint bank accounts
Other property and valuable items
It is important to note that pre-marital property that has since become marital property, such as inheritance that both spouses have paid taxes on, can become part of the assets that are up for division.
Individuals should never attempt to divide their assets without the assistance of an experienced divorce lawyer. Laywers can help to start the process of dividing marital and divisible property in court. Divorce, like other parts of the law, requires legal expertise to ensure that all parties involved are treated fairly under the law.
Sometimes there is no other option besides a divorce, and although it is unfortunate and unwanted there are certain conditions that ought be met to make sure that everything is even. A personal attorney for property distribution after divorce is not entirely uncommon, because oftentimes people feel they are receiving the short end of the stick so they hire their own representation.
All a divorce lawyer does is makes sure everything is divided properly, and oftentimes both husband and wife prefer to hire separate lawyers so there is no conflict of interest. The first step is to make sure all the possessions are accounted for, and then it is simply a matter of splitting the remaining possessions in such a way that both people think they got treated fairly.
Unfortunately this can be very difficult, and impossible without a lawyer. The only option for many couples is to allow whenever is representing each of them to sit down and sort it out because the two spouses are unable to bear any interaction with one another.
They say property is nine tenths of the law, so when you think about there is really no way but to divide everything as evenly as physically possible so that the partners and the law are all satisfied with the result and it will then be possible to move on past and continue on with regular life. Divorce is oftentimes extremely difficult while just taking into account the immense emotional tax that it is, but that combined with legal issues is just too much.
Parties generally divide the proceedings equally. However, in some states, the court declares the share, which may or may not be equal. There are a number of factors that determine the share of one spouse like span of the marriage, conduct of marriage, contribution toward acquiring of assets, education of children, health, age, income, etc.
Couples filing for a divorce may seek legal assistance from Lawyers or Attorneys. Attorneys guide their clients by identifying and valuing their assets. Hence, accordingly negotiating and litigation take place.
The most important asset owned by a couple is their own home. Whether the property is owned by one of the spouses or jointly, the first priority is to provide children with a home. A sale of the property and a division of the sale proceeds may be necessary to meet their requirements.
The ideal solution would be to provide the children with a new home if there are sufficient funds available. In other case where there are no sufficient funds, the first priority is to provide children with a secure shelter, more often than not with their mother. The court feels that it could be unfair to deprive the husband of his capital in the long term and has a wide discretion to make whatever order it thinks to be the best.