For those getting a divorce, there are many factors to consider, such as child custody and simply adjusting to life after ending a marriage. However, the financial side of divorce is especially hard for many people and property division requires careful consideration. It is important to have a good idea of what to expect in terms of the distribution of marital property.
Some property is not subject to division, but many assets are split up by the court. As a result, you need to familiarize yourself with examples of marital property and prepare accordingly.
Property and accounts
Assets that are acquired during the course of a marriage are generally considered marital property and subject to division. However, the laws vary from state to state, so it is imperative to review the laws where you live. For example, if you purchased real estate during your marriage or have a lot of savings in financial accounts, you need to prepare for the impact of property division. Retirement accounts, pensions, vehicles and other assets are frequently distributed between each party during a divorce.
Prenuptial agreements and other issues
Sometimes, these assets are not split up when a couple divorces, such as those who have a prenuptial agreement in place. There are different factors that influence how property is split between a married couple when they get a divorce and it is crucial to go over your situation carefully. Sometimes, people have an emotional attachment to some of their property, making the distribution of these assets even harder. Read through our website to find out more about various family law topics.