When going through a divorce, one of the most important issues to tackle is equitable distribution. Most couples share many assets that need to be divided equitably. Although some couples can reach their own agreements on property division, many may need to enter mediation or litigation to resolve their issues.
If you have questions concerning how your property will be divided in your divorce, you should reach out to a knowledgeable family law attorney. A Miramar equitable distribution lawyer could help negotiate terms that will work for you and your spouse. If an amicable negotiation is not going to work, legal counsel could also represent you throughout the litigation process.
When couples cannot agree on how to divide their assets, they will need to take those decisions to court. The court will first need to determine which property is jointly owned by the couple and which is separately owned by each individual. Pre-marital property, inheritance, and gifts are typically considered individual assets unless the parties commingled them.
Once the judge knows what assets are marital in nature, the court will begin looking at various factors to equitably distribute the property. This could include:
The judge might also consider whether a party will be paying alimony or child support. These factors will help the court come up with a fair distribution of property. It is important for the parties to understand that the court aims to distribute property fairly, not necessarily equally. A Miramar attorney could further explain the concept of equitable distribution during an initial consultation.
One issue that often occurs in a divorce is that the parties will need to decide who takes the marital home. In some cases, keeping the house might not be an option, such as when both individuals lack the assets needed for one party to buy out the other.
If parties cannot come to an agreement, the judge might order that they sell the home and split the proceeds if that is the only fair way to divide the assets. Under certain circumstances, the court may allow the parties to delay their home’s sale to avoid selling during a particularly bad market. These types of decisions are complex and can be emotional, so divorcing parties should consult with an experienced property division lawyer in their area.
In addition to property, parties to a divorce will also have to split up their debts. Like assets, the debt a person incurred prior to the marriage might belong to the individual and not the couple.
Dividing debts is just as significant as splitting assets and will require a detailed analysis to ensure that the division is fair to the parties. The court may also be sympathetic to spouses who did not take part in the incurring of debts that the other party took on. A dedicated local attorney could further advise on how these issues may impact property division during a divorce.
Dividing property in a divorce is a difficult process. Your ideas of what is fair may be different from that of your former spouse. Additionally, property shared in a relationship may hold personal significance, adding an emotional element to the division process.
When handling these matters, it is wise to seek legal counsel. An experienced Miramar equitable distribution lawyer could provide you with the information and representation you need to seek a fair outcome in your divorce. Call today to discuss your property division case.
