Understanding The Complexities Of Property Division
Due to the obvious massive number of items that must be split between spouses, property division is among the most complicated aspects of a divorce. It may take a long time to reach an agreement that both parties believe is fair and equitable, the two guiding principles on which property division agreements are based.
With that in mind – it might be useful to grasp the fundamentals of property division, be familiar with the regulations, and comprehend what it takes to finalize your divorce on the terms you choose. When dividing property, it is necessary to ensure that both partners are getting an equitable share.
This means that each spouse walks away from the marriage with a roughly equivalent share of the property. For instance, if you plan on taking the car following your divorce, you’ll likely have to give up your claim to something equally valuable, like market investments or cash.
The doctrine of equitable division protects spouses from being left with nothing if the marriage ends. It’s essential & vital to understand that there is a distinction between “equitable” and “equal.” Some states, like California, require that property be equally split 50-50 between both spouses.
While other states, like Florida, merely require an equitable arrangement in which both spouses leave with roughly comparable amounts of property. Pre-marital property is usually exempted from division, meaning you’ll probably want to be familiar with what you’re protected from parting with.
Generally speaking, items you owned before your marriage are not considered marital property, nor is property acquired as a gift or inheritance. Some spouses attempt to hide items by giving them to friends as “gifts” to get them back as a gift at a later date. If you fear your spouse is attempting to conceal information in this manner, it may be good to consult with a Property Division Lawyer.
Family law disputes may be upsetting and intimidating. Nonetheless, before embarking on a divorce, order modification, child custody, or any other major legal matter, it would be sensible and beneficial to get the finest legal counsel. Contact the office of Fizer Law, the finest Divorce Lawyer in Long Beach, at 1~562~270~9944.