Your mind is made up. You’re going to get divorced. If you’re reading this, it is likely that you’ve now started to think about what will happen to your property in the divorce. How is property divided in divorce?
Here are 5 Frequently Asked Questions (And Answers) regarding the Division of Property in a Divorce:
Answer: It depends.
Answer: Any personal property obtained by either spouse during the marriage (regardless of which spouse’s name the property is in) is community property. Community property will be equally divided between the spouses (absent other factors). If you and your spouse are still on admirable terms, it would be best to make a detailed inventory of each item of personal property (along with the sentimental and monetary value of each item) and agree on who will get what property.
If you and your spouse cannot agree on the value of any of the personal property items (i.e. couches, artwork, dishes, etc.), you should hire a professional appraiser. Then, a court will make the division. Learn more by checking out our, Personal Property in Divorce blog.
Answer: He/She could be. Any portion of your retirement that was earned during the marriage (prior to the judge signing your Final Divorce Order) will be considered community property; community property will be divided between the spouses.
Answer: It is a common misconception that as long as the asset is in your name, your spouse can’t get it in a divorce. This could not be any further from the truth. It won’t matter that only your name is on your retirement account, for example. If the court determines that your spouse is entitled to a portion, you won’t be able to avoid the division (without being in violation of a court order). You can learn more about how property is viewed by the Courts in our blog, Community vs. Separate Property.
Answer: Debts are divided in the same way that assets are. Debts and Liabilities acquired during the marriage will be equally divided between the spouses.
Note: Typically, the court will attempt to give the debt that is in the spouse’s name to that spouse.
Answer: To divide the business, either one party can purchase the interest of the other, or the couple sells the company and shares the profits. In either case, the business must be valuated. Valuations are not easy and almost always require the assistance of a business appraiser. Learn more about Business Valuations
If you are going through a divorce and have property and assets to divide, it is in your best interest to hire a lawyer who is experienced in high-asset divorces. Contact our team today to see if your case is a fit for our team.
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