When a couple separates, they have to consider a lot of things. The most important of them is how the property is going to be divided among them. Because it is one of the most complex, contentious, and important processes after divorce. A divorce lawyer in Kenosha will guide you through this lengthy and complicated process.
Community Property and Equitable distribution
States in the U.S.A. follow one of the systems for dividing properties after divorce proceedings.
- Community Property: Most assets and property of spouses earned during the span of marriage are considered community property and divided equally between them. The separate properties stay with their respective owners.
- Equitable Distribution: The court divides the property and assets fairly and not necessarily equally. Factors considered in these states are the timespan of marriage, each spouse’s financial contribution to the marriage, and the spouses’ circumstances.
Marital Property And Separate Property
You should know the difference between marital and separate properties if you are going for divorce.
- Marital Property: This includes assets bought or acquired during the marriage by any of the spouses, like monthly income, real estate, and personal property.
- Separate Property: This includes assets owned before marriage, the inheritances of a spouse during the marriage, and gifts received by a spouse from a third party.
Valuation Of Property
The valuation of their marital property must be appropriately calculated to distribute it between them justly and fairly. This needs estimates from real estate, businesses, and valuable personal property like gold and diamonds. And the correct and complete knowledge of their financial accounts, specifically their investments.
In some special cases, one of the spouses may have to pay alimony to the other. The duration and amount may vary considering their conditions and depending on the state laws.
If the couple already has a prenuptial agreement in place, it will provide a framework for how the property will be divided after divorce proceedings. Courts usually consider them during the division of property if they are legal.
Negotiation or settlement
Many divorces get settled through out-of-court settlements. If both spouses agree on the same terms and have no problem regarding the settlement, the court does not deem it right to interfere.
The court will only intervene when the spouses do not agree on the same terms. It will take into consideration the applicable laws in that state and specific facts about the case before issuing a judgment on how the property and debts will be divided.
Contact a lawyer today!
If you want a fair and just judgment on your property distribution after divorce.