How Can Spouses Divide Property In A Divorce?
How Can Spouses Divide Property In A Divorce?
Divorce is a hard time for former couples. Aside from the emotional fallouts and disappointments, property issues are also needed to be settled. For ex-couples who share many conjugal properties and investments, dividing such assets could be difficult and sometimes, can cause further misunderstanding.
Conjugal properties are any assets or possessions that couple brought into the marriage or invested together. Without the presence of any prenuptial agreement from the two parties, all properties are considered conjugal.
To further guide any former married couple going through or will go through the divorce process, here are the ways on how the division of properties must be done:
Identify The Marital And Non-Marital Properties Of The Marriage
Dividing properties of any divorce couples in Florida shall merit the identification of marital and non-marital properties. Once identified it would be easier for the court and the lawyers to grant the division of assets from both parties.
Non-Marital properties are those that are:
- Any assets or liabilities acquired as a gift or inheritance before the marriage
- Liabilities incurred where the other spouse forged his/her spouse’s signature without proper permission
- Assets that are excluded from the marital property
- Assets and liabilities agreed upon on the prenuptial agreement
- Professional degrees
Marital properties, on the other hand, are those that are:
- Gifts given by spouses to one another
- Social security incomes and benefits
- Stocks and bonds acquired during the marriage
- Personal property that was worn or purchased together as a married couple
The lawyer at first hand will identify such properties. This shall help with the parting of the assets as well as the liabilities. Any divorce lawyer Jacksonville FL based will also suggest to the former couple to submit a list of their personal assets and those properties they have acquired inside the union to investigate if it is non-marital or marital properties.
Identify It There Has Been Any Marital Misconduct
Divorce can be gruesome and indeed challenging for both parties especially at times when both parties do not agree with each other. Arrangements and other agreements could be hard to settle and could also be tasked for the lawyer.
If there has been a proven waste in any resources of marital properties in the marriage, it will merit the court for unequal distribution verdict. But, this step is more complicated and challenging. More often than not, it is hard for the court to prove such allegations.
Assessing Value Of All Properties
The list will help your lawyer to define the worth of all the properties present in the union. The assessed value will be used to know if both parties will merit equal or unequal distribution based on the conducts and the arrangement during the divorce procedure.
Necessarily, all assets whether huge or small shall be declared to assess the total value and rapid the decision by the court. This way, former couples would not have any more arising problems and unnecessary conversation regarding the assets.
Retirement accounts, financial assets, and social security benefits can be challenging to evaluate; hence, the need to hire a financial professional who also knows the ins and outs of the benefits and the ruling about the conjugal property or spouses’ rights.
Every Distribution Made By The Court Is Final
The court will decide based on the requirements passed by lawyers of each party strengthen by the list of all their assets individually and combined. The list and the ex-couple’s statement are essential for the court to decide whether to merit equal distribution or have special arrangements or unequal ones.
Note that every decision made by the court is already final; hence, the importance to honestly declared and recovered all pertinent documents that will be deemed essential for the divorce process. The process is more tedious especially if the couple shares many assets that worth millions.
Should there be any issues in the computation must be contested while on the process and not after the court already decided. This way, clients or the former couple can avoid hassles and pending divorce papers.
The couple, before filing for a divorce, must have an understanding of how they want to divide their assets to avoid further confusion and unnecessary lawsuits. Though separation is indeed a difficult time, it is necessary to talk about properties especially if it involves thousands or millions of dollars.
It is also deemed necessary to consult a lawyer to course the division or distribution in a lawful way duly. Thus, this will also merit legalities and favoring rights of both individuals on divorce.