Divorce and Property
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Divorce and property are two interlinked issues that often result in dispute between the partners. Assets distribution in divorce is a major aspect of a whole legal procedure. Many times, the partners divide their assets and liabilities through discussions and making a mutual agreement. But, if they do not succeed to agree over this matter, the court resolves the matter using its jurisdictional powers. The court may take various factors into consideration for a fair and satisfactory solution of this problem. Some of the matters are discussed below.
The Difference between Marital and Separate Property
Before opting for a division, it is important to know the assets that are considered under division and the ones excluded. According to the divorce laws, the assets and liabilities acquired during the period of marriage by both partners are regarded as marital property. It is the total assets that are actually distributed between partners. Any kind of assets earned before marriage by a particular spouse will be regarded as a separate earnings of that person. Individual or separate earnings are excluded while calculating the assets for distribution after divorce. But, it is to be noted that, the value of such individual earnings may be a matter of concern in an equatable distribution.
Types of Property Division in a Divorce
There are two types of methods for dividing the marital earnings. A state might consider either of the methods when considering the distribution of assets during a divorce procedure. Many states follow the principle of equitable division, while few of them make division on an equal basis. The details about these types are as follows.
Equal division of Property in Divorce
About nine states follow equal division priciple in their laws. The laws in these states mention that a marital assets should be divided equally between the partners, regardless of who the owner of such assets is. Also, the debts accrued during the marital period is also subject to equal distribution. Here, separate assets of the spouses are not considered while dividing the marital earnings. It is to be noted that such division means the equal amount should be owned by both partners, not the equal physical or real assets. The distribution is done on the 50-50 basis.
Equitable Division of Property in Divorce
Almost all states divide the marital earnings on this basis. This means that the assets and liabilities will be a matter of fair distribution, not necessarily equal. Many factors are taken into concern for calculation of such division. Some of these factors are:
In order to ascertain an equitable distribution, an evaluation is of supreme importance. The first and foremost step that an arbitrator or lawyer or administrator should take is to call the 'divorce property appraiser'.
The functions of this appraiser are as follows.
Some of the highlights of this appraisal are as follows.
An appraisal comprises of the following.
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