Discover How Properties Are Shared Under State Family Law
By: Chris | Posted: 10th May 2010
A competent divorce lawyer can help you identify and ascertain the value of assets along with representing your best interest. It is much easier if you and your spouse can make a deal on how all resources should be divided. When you are unable, the decision is left to the judge in nearly all states. Divorce courts contend with all types of properties including frequent flyer miles, houses, vacation homes, pensions, pets, family businesses, and plenty of others. When couples don't agree, it is ordinarily out of pain and they are just quarreling to see who gets the last word. In these situations, a mediator may be called in to assist you in working together and finding a fair settlement.
Marital property is known as any property or debt that was gathered during the marriage. This also means any capital gains or losses. Separate property consists of property owned before marriage including presents or birth rights that were given to you as an individual. Previously-owned property should be detailed in a prenuptial agreement that will keep it secured no matter what the circumstances of the marriage.
Property arrangements are normally settled by both of you. When nothing is contested you will sign a legal paper called a marital settlement agreement. If not the superior court will award the property as the decree of divorce. Whenever the two of you cannot agree to a settlement, the court has specific processes it uses to divide the assets. The discovery process will be used to conclude what assets and debts are part of the marriage. A dollar value will then be allocated to each asset and debt. It's important to know that state family law requires equitable distribution for marital property. Equitable distribution occurs when the judge uses certain things to rule how the property will be distributed fairly and not necessarily equally. These types of factors include individual income, age, and who is responsible for the children.
To receive a fair settlement and in order for your lawyer to be most beneficial, you need to know what assets you have and whether they are marital or separate. Being able to define this for your attorney will make their job easier and they can focus on more significant things like filing all the documents and determining any course of action necessary. It well benefit you greatly to try to reach an agreement with your spouse so you can both get what you want or be compensated how you see fit. If you can't a judge will do this for you and the consequence could be overwhelming.
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In my research for this article I also found helpful information about personal injury lawyers & accident lawyers from divorcelawyersofatlanta.com.This article is free for republishing
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Tags: mediator, best interest, couples, debts, assets, frequent flyer miles, pensions, prenuptial agreement, capital gains, dollar value, last word, divorce lawyer, equitable distribution, separate property