One of the most difficult decisions that you will ever need to make is whether or not to get divorced. And in the event that you do file for divorce, the process of finalizing your divorce can take years depending on where you live. And during this time period, a lot of other decisions need to be made. One of which is how your marital assets will be divided.
How to Determine What’s Your’s and What’s Your Spouses
First, it’s important to consider the date of the marriage and the date of separation. Any property or asset that was owned prior to the date of marriage will be considered that person’s property. Additionally, any property acquired after the date of separation will be that person’s property. Other separate property also includes:
- gifts from third parties
- payments from lawsuits
- property listed in a prenuptial agreement
The remainder of the property or assets that were acquired during the time of marriage will be divided during the divorce process. This is where a lot of divorce litigation happens because a lot of it depends on where you live. In certain states, the marital property will be split 50-50. In other states, the assets will be divided to what is considered “fair and equitable.”
Having a divorce lawyer who is experienced and knowledgeable in dividing marital assets will make sure that you get property and assets that are important to you during the divorce process. For more information on how we can help, please contact us.