Dividing Marital Property
Dividing marital property can be one of the most confusing and contested aspects of a divorce. Marital property often includes real estate, pensions, and other assets. Learn more about how property will be divided and what assets may be protected from divorce settlements.
- DIVORCE LAW GUIDE
- » How to Begin the Divorce Process
- ⇒ Dividing Marital Property
- » Prenuptial and Postnuptial Law
- » Legal Separation Law
- » Abandonment and Adultery as Grounds for Divorce
- » Alimony and Spousal Support Law
- » Divorce Litigation and Mediation
- » LGBTQ Divorce Law
- » Divorcing Someone Living in Another State or Country
- » How Can a Family Lawyer Help with a Divorce?
Dealing with Real Property after a DivorceFor many couples, real property represents the most valuable and expensive asset that they own. Since the couple will no longer be living together in the same house, they must often reach some sort of decision regarding which party will receive the house.
Read more- Dividing Assets and Debts in Divorce
Divorce is often complicated for both parties, and any dependents involved find these situations difficult to cope through. For the assets and debts accrued through the lifetime of a marriage, the dividing of these is often complex and takes time to reveal who should get what.
Read more - Dividing Marital Property without Divorcing
In some situations, spouses may decide to divide their property without actually getting divorced. This can create clarity during times of transition and uncertainty.
Read more - Dividing Real Estate in Divorce - What Happens to the House?
Divorces are rarely easy, and very few end with zero disputes over major assets. For most relationships, the biggest shared assets are related to real estate. Whether the marital home or investment property, those going through divorce often want to know, “what happens to real estate in a divorce?”
Read more - Dividing Retirement Benefits During a Divorce
Oftentimes, a retirement account is the most valuable asset that an individual has. It may be even more valuable than a marital home making the account a topic of heated debate between divorcing spouses. Retirement savings also are complicated with the potential to impact a person’s tax situation and subject to stiff penalties if not handled properly.
Read more - Hidden Assets Discovered after Divorce - Can I Get a Modification?
While it is not always possible to reopen or modify a previous judgment of a divorce decision, when hidden assets become known by the ex-spouse, it is generally possible to seek a new divorce process or reopen the previously completed one. It is critical to work through the proceedings with a divorce lawyer that may present the necessary evidence accordingly.
Read more - How Is Equity Determined in a Divorce?
In many situations, the family home is the most valuable asset in a divorce. It is common for spouses not to agree on how to treat this asset that they both may have been paying for during a number of years. However, determining the equity of a home is a vital component to reaching a final divorce settlement.
Read more - In a Breakup, Who Gets Custody of the Dog?
For many couples, a dog is just like a child. So, when a breakup or divorce happens, it can signal the beginning of a battle over custody of the dog. What does the law say? Who gets custody of the dog? Will a court even hear such a case?
Read more - Is My Pension Considered Marital Property in a Divorce?
During a divorce, marital property is subject to division between the spouses. In addition to large assets like houses and vehicles, these rules may also apply to financial assets like bank accounts, retirement accounts and pensions. However, whether a pension is considered marital property in a divorce depends on when the pension was earned, whether there is an agreement in place to address this asset and state law.
Read more - Marital Home Purchased Before Marriage: How Is It Treated?
When a person buys a home before he or she is married, this property is usually considered his or her own separate property. However, the other spouse may have a right to some of the home’s equity upon divorce despite this classification. Also, steps may have been taken so that the property is no longer considered separate and is now subject to division in the divorce action.
Read more - Military Pensions - How Are They Handled in Divorce?
A pension that a military servicemember receives may suffer a division for assets owed to the divorced spouse at the time of retirement, and the treatment of these funds may depend on the rank of the servicemember and what state the divorce proceeds through. The assets in the pension may offset for those needing disability or have other retirement accounts.
Read more - Moving Out of the Marital Home - Do I Lose My Rights to It?
Moving out of the marital home may require permission from the other spouse to avoid the possible charge of abandonment, and communication with the spouse and a legal professional in this situation is key. The person that moves out may still have a right to the marital home during a divorce or even in separation.
Read more - What Assets are Protected from Divorce Settlements
Family courts around the country recognize that spouses own some property that is separate from what they accumulated as a marital couple. Those assets that comprise the marital estate are subject to division at the time of divorce while separate property is generally excluded from a divorce award.
Read more - Can I Be Held Liable for My Spouse's Debts?
Often, when considering marriage couples are thinking only about love and romance, not the more practical concerns like how a spouse's debts might affect the other once they are married. So, the question: “Can I be held liable for my spouse's debts?”
Read more - My Spouse Owned a Home Before We Got Married. Is Any Part of That Home Considered Marital Property?
Whether a spouse is able to keep a property after the divorce ends usually depends on the state and the rules of marital property which may rely on when the person purchased the house and if it remained outside of the marriage. These rules may then lead to the conclusion of the divorce procedure with the property still held and owned by the individual spouse.
Read more - Can Separate Property Morph into Community Property?
When a couple is divorcing, they may disagree as to which property is separate and not subject to division as part of the divorce process and which property is community property and subject to division. Understanding the basic principles behind separate and community property as well as when separate property can become community property can make the parties more informed during this process.
Read more - Where Does the House Go In a Divorce?
The home that the family lived in during the marriage is often the most valuable asset that a couple owns. Therefore, this asset may receive much attention during the divorce proceedings. What happens to a house after divorce depends on state laws, circumstances involving the house and the parties’ actions.
Read more - What Happens if My Spouse and I Don't Agree on Decisions About Our Real Estate During Divorce?
During the divorce process, the spouses may make decisions regarding their property, including how to divide it and how to dispose of it. One of the major assets that many couples must make decisions on is the family home. However, the spouses may not always agree as to what to do with the home. By exploring their options, they may be able to reach a resolution.
Read more - Refinance Loan Not Approved after Divorce. What Can I Do?
When proceeding through a divorce, it is possible that a refinance loan for the property does not progress to an approval, and the individual owner will need to determine what options are available. Some options exist at the time of divorce through the judge, but it is important to speak to the lawyer about the situation for further information.
Read more - Does Marital Privilege Continue After Divorce?
Generally, any interaction between spouses before a divorce can be covered by marital privilege during the marriage, however, this privilege usually ends when the marriage is completely over. There are some exceptions that may exist which can provide the ex-spouse with the ability to suppress testimony, but the privilege rules usually no longer apply in divorce.
Read more - How to Sell or Retain a Home During a Divorce
In many divorce cases, the couple’s real estate is the most valuable asset. There are often a number of options available to couples.
Read more - Why a Credit Freeze May be Necessary during a Divorce
While divorce is certainly an emotional experience, the financial impact of this transition can have long-lasting consequences. In some situations, it may be advised for a person who is going through divorce to put a freeze on his or her credit as a form of protection.
Read more - Who Gets the Family Pet in New York Divorce Cases?
It is common in divorce cases for spouses not to agree on how to divide their property. They may also disagree as to which party should have custody of their children. Family pets are another point of contention in these families, and the parties may have very strong feelings about who should get the family pet.
Read more - When is the Best Time to Get Divorced from a Financial Standpoint?
Divorce is often a long and expensive process. Court proceedings may drag on for months at a time. At the same time, the spouses may not be getting along and may be going through difficult emotional times.
Read more - Do I Have a Right to a Family Business in Divorce?
When contemplating divorce, spouses often think about the family home, financial accounts and retirement accounts. IWhen a family-owned business is involved, making sure there is fair distribution of marital assets, including the business, requires careful planning and the assistance of legal counsel.
Read more - Self-Employment - How Does It Affect Divorce?
Self-employment for one or both spouses could complicate the divorce through hiding or downplaying the available assets through income earned by the self-employment. If some jobs do not process through the standard W-2, the spouse may have an opportunity to demonstrate less than what he or she earns for the year.
Read more - Giving Children Custody of a House After Divorce
In certain situations, the parents seeking a divorce may grant the rights of the house to the children while each parent moves in and out of the residence during visitation times. The arrangement is possible in certain locations with permission from the courts and a peaceful divorce process between spouses.
Read more
