Discover How Assets Should Be Divided Under State Family Law

An excellent divorce attorney should help you identify and establish the value of assets along with fighting for your best interest. It is much easier if you and your spouse can come to terms on how all resources should be split. When you can't, the solution is left to the judge in nearly all states. Divorce courts manage all types of properties including frequent flyer miles, primary residences, vacation homes, pensions, family pets, family businesses, and many others. When couples don't agree, it is ordinarily out of anger and they are just fighting to see who gets the last word. If this occurs, a mediator may be invited to come in to aid you in working together and finding a fair settlement.

Marital property is known as any property or debt that was built up during the marriage. This also means any property increasing or decreasing in value. Separate investments consists of property owned before marriage including allowances or birth rights that were given to you as an individual. Previously-owned property can be categorized in a prenuptial agreement that will keep it guarded no matter what the circumstances of the marriage.

Property arrangements most often are settled by you both. If nothing is contested you will sign a formal paper called a marital settlement agreement. Alternatively the superior court will award the property by the decree of divorce. Whenever the two of you cannot agree, the court has specific processes it follows to split the assets. Discovery process is used to examine what assets and debts are part of the marriage. A money value will then be given to each asset and debt. You should know that state family law requires equitable distribution for marital property. Equitable distribution is when the judge uses certain things to judge how the property will be divided fairly and not necessarily equally. These types of factors include personal income, age, and who has custody of the children.

To ensure a just settlement and in order for your lawyer to be most effective, you need to know finances and whether they are marital or separate. Being able to define this for your attorney will make their job easier and they can concentrate on more important things like filing all the documents and determining what to do if the other party contests the division of assets. It's in your best interest to try to settle with your spouse so you can both get items you desire or receive compensation. If you can't a judge will do this for you and the results could be crushing.

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