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17th June 2021 at 02:16 #57371pilareleanor48Guest
There are many factors that must be decided when divorce proceedings are in motion. Who will take care of the children, who will pay to support them and how the marital assets will be divided. In some cases, these decisions can be made between the two spouses, but other situations will call for the help of a professional.
When it comes to division of assets in the event of a divorce, family lawyers can help the process run more smoothly and ensure each party gets a fair shake – and a fair share of the property and financial assets. If you have any questions relating to where and ways to make use of property division lawyer, you can contact us at the web-page. In some cases, spouses will agree on this division with only the assistance of their attorneys. In other cases, the division process may go to mediation for resolution. In rare cases where the two parties cannot agree on how the divisions should take place, the courts may get involved by mandating how the division will occur. Most spouses would prefer to settle up this process before the court gets involved and the control moves out of their own hands.
Community vs. Non-Community Property
The division of property will be determined first by whether the property in question is community or non-community by law. Community property will include all assets the couple collected during the marriage, including earnings and everything purchased with those earnings. Community property also includes debts that were incurred during the time of the marriage, making both parties responsible for these outstanding obligations.
Non-community or separate property includes assets like gifts or inheritances that were given to just one spouse, pensions collected prior to the marriage and a business that was started before the marriage and run by just one spouse. In some cases, the line between community and non-community property can become quite fuzzy, such as when both spouses go to work in a business that was started by one of them. There may also be some research involved in determining who the initial recipient of a specific asset was. In these situations, it is helpful to employ the services of family lawyers who can assure the division process goes as smoothly and fairly as possible.
If community property is the key factor in the division of assets, as it is in many states across the country, most of that property will be equally divided between the two parties by the courts. Non-community property will remain in the possession of the spouse who owned it in the first place. However, other states practice what is known as “equitable distribution”. In these cases, assets accumulated during marriage are divided fairly, which often means that the higher wage earner will receive two-thirds of the property and assets and the other spouse will receive one-third.