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Property Division Archives

Can we both keep our marital home after divorce?

Dividing marital property during a divorce can be an extremely complex and frustrating process. Occasionally, divorcing spouses make it through this process agreeing to maintain joint ownership of certain assets after the marriage ends. Joint ownership of property after divorce can be applied to the marital home as well. For whatever reason divorcing spouses choose to maintain joint ownership of their home, there are a few important aspects to keep in mind.

Short and long-term effects of property division

Deciding how property should be divided during divorce can be an extremely tricky situation. Many times divorcing spouses and their attorneys can work out a settlement agreement that addresses all the aspects of property division. And while settling on property division may help keep the process moving along, some decisions made hastily may not always be in the best interest of spouses. It is important for divorcing spouses when considering property division, to keep in mind both the short and long-term effects of their decisions.

Who gets the nicer car after divorce?

If you are like most American families, you probably have a vehicle for every licensed driver in your household. In fact, having two vehicles is almost a necessity and somewhat the standard for most married couples. In the event of divorce, however, married couples may be questioning who gets which vehicle. This might make property division quite a bit more difficult than it ought to be. In the event you and your spouse are splitting up, driving away in the nicer vehicle may depend on how solid an argument you make.

Dividing your business in divorce

Many couples begin the divorce process with some misconceptions about property division. In most cases, property division is a pretty straightforward process. However, there are certain aspects of some marriages that can make the process a bit more difficult. Regardless of how informed and confident you feel about the divorce and property division process, it is always best to stay informed of your rights and the law by working with an experienced divorce attorney.

A later life divorce may open you up to greater financial loss

Divorce is the last thing that many seniors want to worry about, yet late life divorce is a growing trend. At a time where the main concern is estate planning and retirement, thousands of seniors are opting to take on their golden years single. Although this growing trend may not have too much of an impact on family law issues like custody and child support, late life divorces do have the potential to impact a seniors financial well-being.

Can spouses decide property division?

Occasionally, divorcing spouses are in agreement about the dissolution of their marriage. While it isn't extremely common, some couples can even agree on custody, spousal support and property division. Many times financially related issues like spousal support and custody are based on specific income information and a percentage which may allow them to be decided on early in the divorce process. Property division, on the other hand, has no equation, and what you and your soon-to-be ex believe to be fair may not be what the family court judge has in mind. It is important for divorcing spouses to understand that the process of property division is not over until the judge says it is.

Inheritance and how it is affected in divorce

Generally speaking, an inheritance received by one spouse during a marriage is not subject to property distribution in divorce. Even though each state has its own laws regarding how it is viewed in divorce, typically inheritance received both before and during a marriage is not affected by equitable distribution.

Can I recoup marital waste from my spouse's affair?

Marital waste is the product of a spouse's intentional efforts to waste or spend marital assets. Marital waste can come in all forms including money spent on affairs, gambling or even poor business decisions. One spouse may wish to recoup the assets wasted by the other during the divorce process. To do so, they will likely need to show that the marital waste was substantial enough to make an impact on the divorce settlement.

Marital home purchased with gift from in-laws

Some lucky couples receive generous gifts from one of their parents upon matrimony. Often, these gifts go toward the purchase of their marital home. In the unfortunate event that couples find themselves filing for divorce, that generous monetary gift may turn into an arguing point during property division.