Property Division In Divorce

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Understanding Shared Assets In A Marriage

Shared assets, often referred to as marital assets, encompass any property acquired or earned during the marriage. This holds true regardless of whose name the property is titled under or who made the acquisition.

In certain circumstances, personal property owned by each spouse can transition into a shared asset. For instance, if you owned a car before your marriage and subsequently added your spouse’s name to the title, that action effectively converted the car into shared property. Similarly, if marital income was used to settle debts on a vehicle, it may also be considered a marital asset.

Defining Separate Personal Property

Separate personal property typically includes assets such as vehicles, real estate, furniture, jewelry, and other possessions owned by an individual prior to their marriage. Generally, these assets cannot be divided unless they have been transformed into marital assets, either through specific actions or under certain circumstances.

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Credible Law Property Division & Divorce

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[mkdf_image_with_text enable_image_shadow=”no” title_tag=”h4″ image=”4019″ title=”Navigating Property Division” image_size=”350×350″ text=”Property division can prove to be a complex process, especially in cases involving substantial assets, closely-held businesses, family trusts, pension benefits, or other intricate assets. Our team of experienced lawyers has a comprehensive understanding of the legal and financial aspects involved in identifying, characterizing, valuing, and dividing property upon divorce.”]

[mkdf_image_with_text enable_image_shadow=”yes” title_tag=”h4″ image=”3976″ title=”Equitable Distribution Under Property Division Law” image_size=”350×350″ title_top_margin=”20″ text=”Separate property typically comprises assets owned before the marriage, property acquired via inheritance or gifts, passive gains on such property, and property that can be traced back to these categories. On the other hand, marital property, excluding separate property, includes all assets acquired during the marriage, irrespective of whose name is on the property. These assets, which could range from real estate, personal property, businesses, automobiles, savings accounts, stocks, bonds, pension plans, to retirement plans, will be divided between spouses.”]

[mkdf_image_with_text enable_image_shadow=”no” title_tag=”h4″ image=”4649″ title=”The Process Of Dividing Marital Property” image_size=”350×350″ title_top_margin=”20″ text=”Once all assets have been identified and characterized, a court proceeds to divide the marital property. This process often takes into account several factors, including:

The duration of the marriage and the age and health of both parties
The need of a custodial parent to occupy or own the marital residence and/or household items
Any equitable claim, interest, or contribution the non-titled party made toward the property by providing services as a spouse, parent, wage earner, or homemaker, as well as any effects on the other spouse’s career
The liquid or non-liquid character of the marital property

With our expertise, we aim to guide you through this process, ensuring transparency, fairness, and comprehensive representation of your interests.”]

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