During a divorce, a spouse will likely have his or her best interest in mind, meaning that he or she will act in a way that will give himself or herself an advantage upon separation. Usually, this advantage is on the financial aspect, so it is not surprising that property division is one of the hottest disputes during divorce.
According to the website of the Maynard Law Firm, PLLC, division of property may be a complicated enough legal process to warrant the help of property division lawyers. How properties can be divided are simply explained below so you can have a background on how it works.
Community Property is one of the ways properties can be divided upon divorce. Under this legal concept, there are two kinds of properties – community property and property of a spouse.
Community property is a property owned by both spouses. This may include cash accumulated during the marriage and all properties that have been bought using that cash. On the other hand, property of a spouse is a property owned solely by one of the spouses, such as gifts, inheritances, and properties that have been acquired even before the marriage.
During divorce, community properties are divided evenly for the spouses and properties of a spouse remain to that spouse.
Depending on the state, division of property can be done through community property or equitable distribution. Equitable distribution is the fair division of properties to either spouse. The important word here is “fair,” and it should be noted that it is not synonymous to “equal.”
The idea behind equitable distribution is to give the spouses what they rightfully deserve. Typically, equitable distribution cases do not split properties fifty-fifty. The spouse who have contributed more to the accumulation of assets, or the spouse that is going to be more economically affected by the separation, can have a bigger share, depending on how the court sees fairness.Read More »