There are times, when two people who had been happily married, don’t wish to be together anymore. The emotion of love, building a life together and living those precious moments are just memories and experiences. Marriages surely are a difficult affair, but it takes self-less efforts and patience to make it work. When a couple decides to get a divorce, it isn’t as simple as stop being together. There are numerous legal and social aspects involved in the mix. Also, there is the matter of assets and debts that were part of their marriage. Dividing assets between spouses can be a messy yet important component of a divorce.
Provo family law attorney at Coil Law explains and talks about how the property gets distributed in a divorce
- Understanding the types of property
Any property that either of the spouse from before marriage, inheritance, and rewards, belong solely to the individual unless they have taken any legal steps for transfer or shared ownership of the asset. Such properties are termed as separate property. Community property, on the other hand, is an asset that was earned during the course of a marriage and contributed by both partners. In case, there is a business that is owned by a spouse, but both spouses contributed to it, both spouses are entitled to a percentage of it.
- State level regulations
Though all states agree to a fair distribution of assets and debts, not all approve of equal distribution. Community property states like Idaho, Arizona, Nevada, Texas, etc. entitles both the partners an equal share (50-50) in the community property. Other states follow Equitable Distribution, which states that the distribution should be fair, and not necessarily equal. Therefore, depending on the place of litigation and property, the distribution would be handled differently. Furthermore, not just assets, debts to are distributed between partners.
- Factors that drive equitable distribution decisions
When the assets and debts are to be fairly distributed among spouses, the court evaluates various factors. These factors account for various financial, medical and social constraints. The duration of the marriage, contributions of each spouse and current financial situations of the parties. The parent with the custody of the children might get a larger share of the assets or special provisions would be made to ensure a superior lifestyle for the children. The court can add more variables like age, health, etc. to discussion if necessary.
- Settlements outside the court
The court does not enforce its judgement for the divorce. If both spouses have come to an agreement to distribute the belongings as per your convenience, it would be respected. However, if the distribution is uneven, you may have to justify the agreement. As the court needs to ensure that the settlement is not coerced.
A majority of divorce settlements happen outside the court unless there is a dispute. Since the couple is well aware of their needs, outside court settlements can help save significantly on the litigation fees and legal processes and ensure effective distribution. Coil Law specialises in handling divorce settlements and our experienced Provo family law attorney can help you assess your property and work out a fair settlement.