For couples going through a divorce, diving their properties, assets, and debts is one of the most challenging parts of the process. Thus, many turn to the legal expertise of a property division attorney.
Property division between divorcing couples can get stressful and emotional. On top of that, the legal process tends to be complex.
Will you get to keep the assets and possessions you brought to the relationship? What happens to the gifts you and your partner gave each other? What happens to your marital home and the car? Are you in a business together?
These are just some questions that a property division attorney can help you find answers to.
In today’s post, we’ll discuss marital property division, and when you need to hire a property division attorney. If you wish to get in touch with us to discuss your situation, please don’t hesitate to do so.
Property Division in Divorce: Challenging But Not Impossible
Every separating couple will have plenty of things to work out as they go through a divorce.
With property division, it’s challenging but not impossible. There’s a solid structure you can follow to sort things out properly.
The primary thing you must keep in mind is that divorce laws and property division guidance differ depending on your jurisdiction.
Texas, for instance, is defined as a community property state. This definition means that all the possessions and assets you acquired with your spouse during your marriage duration are considered shared.
Thus, the division is split evenly between the two divorcing parties whenever possible. If you brought the property to the marriage, it’s typically not assumed to be shared. The ownership of these properties will usually stay with the spouse who initially owned it.
The Marital Home
The handling of the marital home is one of the essential items that divorcing couples must discuss.
Who gets to keep the house? Do you sell it? Who gets the proceeds? How will it be split? These are essential questions in a property division process.
They also come with a lot of financial and emotional considerations.
Divorcing couples with younger children tend to keep the house, so their children can keep living there. This is a thoughtful decision that can help maintain a sense of normalcy for the children.
As to who gets to stay in the house, that’s another matter for the splitting couples to tackle. They can seek the assistance of a property division attorney for some insight.
Best Solution to Some Cases
In some cases, the ideal property division solution is to sell shared assets and possessions and split the earnings.
However, if, for instance, you have a valued collection – whether it’s art, jewelry, or other precious items that you don’t want to part with – you may need to reach an agreement regarding the value.
Some properties and assets are more challenging to divide.
For instance, you have an expensive antique item. If you want it more than your spouse, he or she can opt to buy the other out.
Either of you can also demand a sale. In this situation, the case goes to court. You will need to present evidence before a judge to determine the property value properly.
As for gifts, community property states regard them as separate properties, and thus, not entitled to division. This protocol prevents conflicts on who gets to keep the engagement ring or something like that.