Divorce is a challenging and emotional experience, and one of the most complex aspects of it is the division of assets. It is essential to understand the process and your rights to ensure a fair and equitable distribution of assets. At JC Law, we are committed to providing you with the guidance and representation you need to navigate this difficult time. In this article, we will answer some frequently asked questions about asset division in a divorce.
What Is Asset Division?
Asset division is the process of dividing material assets that have monetary value between two partners who have decided to get divorced. This process can start when the couple separates or when one partner leaves the marital residence.
Why Do Assets Need to Be Divided in a Divorce?
Important assets may have been acquired before or during a marital union. In an equitable property state, partners can divide marital property equally, with the only exceptions being if such a division would create an unfair advantage for one party.
What Types of Assets Do Couples Have?
Most couples have one or more homes, apartments, retirement, or investment properties. They may also have purchased cars, trucks, RVs, boats, motorcycles, ATVs, bicycles, etc. Many partners may also have individual or joint financial assets, such as checking accounts, savings accounts, retirement accounts, and so on. Other examples of assets include furniture, collectibles, and other types of personal possessions.
What Is a Marital Asset?
A marital asset is something that was acquired during the marriage. Most couples typically buy a home, a car, or open a joint checking account while they are married. These assets will be evaluated when it’s time to separate assets during divorce proceedings.
What Is a Non-Marital Asset?
A non-marital asset is an item that one person received before getting married. For example, one partner may have bought a car or closed on a house well in advance of the marriage. These items may be excluded from asset division if necessary.
How Are Assets Divided in a Divorce?
Couples can create their own marital settlement agreement before the divorce has been formally filed. They may list how assets are to be divided as part of this agreement. The judge presiding over the case will evaluate the asset division to determine that it is fair and equitable.
If partners cannot decide how assets will be divided, the judge will make those determinations for them. They will adhere to the equitable property rules when making their decisions. The length of the marriage, alimony awards, each partner’s financial situation, when and how different assets were obtained, the mental and physical conditions of each spouse, any individual property contributions that one or both partners made to the marriage, the health and age of each person, and other important factors will be evaluated when property is divided.
Do I Have Any Say Over How Assets Are Divided for My Divorce?
You can cooperate directly with your spouse when preparing a marital settlement agreement. That’s a perfect time for both of you to choose who gets to keep what assets. You can start by making a list of all items that were acquired before and after the marriage began.
If you choose not to work with your spouse or can’t decide on who gets what, it may be more difficult to have a say in asset division. The judge can listen to your concerns. However, they’re not obligated to fulfill your requests or demands, especially if you’re contesting their decisions or didn’t make any effort to work on asset division with your soon-to-be former partner. The judge may feel more sympathetic toward your spouse if you refused to cooperate or hold a grudge against them.
Who Will Live in the Marital Home After the Divorce?
The property deed will be examined to find out whose name appears on that document. One or both parties’ names may appear. Any children that the couple had together will also be taken into consideration.
If only one person’s name is on the property deed, that person may be awarded ownership of the marital residence. The spouse who is primarily responsible for the care of the couple’s children and/or spends more time with them could be granted ownership of the house, even if their name is not listed on the property deed.
Will My Spouse Be Able to Remove Me from the Marital Home if She Is Awarded Ownership?
It’s very possible that the partner who is allowed to own and remain in the marital home could ask you to leave. They cannot change the locks or force you to leave against your will. The only possible exception is if a restraining order is filed after one or more incidents of domestic violence have been reported.
Home ownership after a divorce can be complicated. Some couples prefer to sell their marital home and then use those funds to purchase or rent separate residences. You may want to talk to your spouse about this subject. Your children’s best interests should be given top priority. It can be very disruptive if they have to move to another home or change schools during the middle of a school year.
Can I Contest Asset Division?
You have the right to contest the asset division if you want. Just be prepared to back up your claims. A judge won’t change their mind just because you wanted a certain item and didn’t receive it as part of the divorce settlement. Your reasons must be valid. You may need to provide justification or prove that the division was inequitable.
Conclusion
Asset division isn’t always easy. Both partners may want to keep the home, cars, or other belongings. It can take more time and effort to decide which person will keep what items, and can lead to arguments and misunderstandings. Emotions should be kept out of the equation, although that is sometimes easier said than done.
At JC Law, we understand the complexities of asset division in a divorce. Our trained professionals can help you understand what to expect and come up with ways to make the process simple and as stress-free as possible. We can even represent you in court if you wish. Our primary goal is to help you get back on track. This will take time. Things just don’t improve automatically overnight. If you’re willing to do the work, you should find yourself in a much better situation before you realize it.
If you have questions or concerns about asset division in a divorce, contact JC Law today to schedule a free consultation. We are here to help you.
