On behalf of Stange Law Firm, PC posted in property division on Friday, March 8, 2019.
Property division can be one of the many concerns on the minds of divorcing couples. As a result, it is helpful for them to be familiar with family law resources that help with property division and how the family law court will divide property during their divorce.
Property division is conducted according to equitable property division rules which means that the family law court will seek to divide property as fairly as possible between the couple. This may not necessarily mean a fifty-fifty split of property. This is helpful for divorcing couples to be familiar with in many ways, including that it can help them prioritize their property division concerns and reach a property division agreement that works for them.
Property is generally placed into two categories during the divorce process including marital property and separate property. Marital property is typically subject to the division process while separate property is not. Marital property includes property and assets acquired during the marriage which is distinguished from separate property which can include property one of the spouses entered the marriage with, gifts, inheritances and some other types of property in some situations.
There are a variety of complexities that can arise during the property division process including property valuation concerns and concerns related to high-value assets. The more the divorcing couple understands the process, and how property division is determined during their divorce, the more likely they are to achieve a property division settlement agreement they can live with and addresses their needs.