During a divorce, the legal partnership within two people is terminated. It may also require that the couple divide their properties and debts that they previously shared during their marriage. Every state has a comprehensive set of laws to determine your rights with respect to property division. You can do this between yourselves if you and your partner arrive at some mutual agreement. However, this seldom happens. In most cases disagreements arise, and this is where a good family lawyer can help you.
A family lawyer will help you determine which property should be divided, what can be done with shared debts, what happens to the home you shared, the effects a divorce has on your insurance policies, and much more.
- A family lawyer can help determine how your property will be divided.
How you will divide your property and assets depends on which state you live in. There are two ways to divide marital assets and property: equitable distribution and community property.
States that follow community property divide marital property evenly between the spouses. Equitable property states, on the other hand, gives the higher earning spouse a larger share, compared with the lower earning spouse.
- A family lawyer can help you determine which property you can divide and which are excluded.
Family property is everything you or your partner own, individually or jointly, at the date of your divorce. This can include insurance policies, pension, your family home, your family car, stocks and shares, and bank accounts.
In the case where corporations and businesses are involved, a lawyer is a must. You may also need accountants to help in the process.
A family lawyer can also help look into possible hidden assets that should be divided. Inheritance, however, is generally excluded from the property that you should divide since they are considered to be separate property.
- A family lawyer can help you come up with property settlement agreements.
If you want to avoid court proceedings then you and your spouse can enter a property settlement agreement. If you and your ex-spouse can agree to how you will divide your property, then it is in your family’s best interest to settle your issues without the need for court proceedings. A judge will review it for equity and fairness before the agreement can be granted.
- A family lawyer can help you with your division of debts.
It is not only property that you have accumulated in your marriage that must be divided. You must also divide debts. Household or general expense debts are divided evenly. However, debts associated with only one spouse, such as gambling debts, will be shouldered by the spouse concerned.
Get Legal Help with Your Divorce and Property Division
Divorce and property laws can be complex, and they can vary by state. Divorce is a process that should not be faced alone. A reputable family lawyer can help you achieve the outcome that you and your spouse deserve.
Written by Kellie Bertels, an attorney at Bandre, Hunt and Snider in Jefferson City, MO. Bandre, Hunt and Snider are the best attorneys Jefferson City MO have to offer.