What Happens to Property After Divorce?
Are you seeking a divorce from your partner? Do you know how the underlying proper will be managed in such a case? Do you want to know what is legally yours? If yes, get answers to all your queries right here in this post.
The process of divorce tends to be a tedious process for any couple but sometimes it becomes necessary to face it for some time rather than suffering for the whole life. Many times, things become so drastic that it becomes difficult for both persons to live together anymore. This is when divorce comes as a feasible and legally acceptable solution for them.
Being a legal way to part ways, divorce comes along with different types of technicalities that are usually taken care of by divorce attorneys. Among various facets of divorce, one is the division of property. In order to reach a mutually accepted divorce judgement, having a fair distribution of property is necessary. This is where hiring a reputed property division attorney who can understand your case and help you in getting good outcomes.
However, before you hire a property division lawyer, it is better to know what happens to property after a divorce. So, here are some commonly asked questions and their answers in regard to property division in divorce cases.
How is property separated after a divorce?
When the court approves a divorce application, the property is distributed impartially between the two people (husband and wife). This property division is carried out under the Equitable Distribution Law. During the divorce, both spouses are obliged to tell the court about their total income and any running debts.
What does equitable distribution refer to?
In simple terms, equitable distribution refers to the fair division of a thing. When marital property is distributed justifiably, it is divided between the two spouses in a way that goes well in the eyes of the court. Though this does not promise that the court will decide the property must be divided equally, this is typically what happens.
What does marital property mean?
Marital property can be inclusive of all types of properties that both the spouses bought during the time they lived together after marriage. It does not matter on which whose name the title of the property is. For example, if both spouses purchased a real estate property, but only the husband’s name was on the agreement, the wife would still be allowed to get some of the property’s worth if they were to seek a divorce.
What do you mean by separate property?
Separate property refers to the property that one of the spouses had before the marriage. For example, a cart hat the wife purchased before the marriage. Any inheritance one spouse receives, even during marriage, is considered separate property. This may include personalized gifts, jewelry, and even payments for personal injuries.
What kind of property can be divided in the divorce?
There are two different kinds of property that come under the purview of property division in a divorce. Property that both the spouses bought during the marriage are known as “marital property”. Property that belonged to one of the spouses before the marriage is considered “separate property”. Marital property can be divided between both spouses.
What’s the court’s definition of property equitability?
In most divorce cases, the court considers a number of things when it comes to ensuring equitable distribution of property. These things include:
· The income and property of both the spouses when they got married together
· The overall duration of the marriage
· The age and health of both the partners
· If children are there, whether or not one spouse the custodial parent needs the home or any other marital property till the time children grow up.
· The loss of heirloom and pension assistances
· Other types of support a partner gave to support another person’s growth and fulfilment (a wife sacrificing her career to take care of husband and family)
Who looks after debts?
The court or a divorce agreement is one element that is held responsible for any debts. However, if you both agreed and your spouse does not make pending payments as they have been asked to, you will still be held responsible by the moneylender.
Conclusion
Considering the complexity of property division, the role of a property division attorney is important as he is the one can explore all possible ways to ensure property mutually agreeable property division in divorce cases. For better information about what happens to property after a divorce consult a divorce attorney at Mesnik Law Firm.
Disclaimer- The information provided in this content is just for educational purposes and is written by a professional writer. For better information about what happens to a property after a divorce, consult a certified professional.
