Once you and your spouse decide to divorce, one of the first priorities will be to divide your property. Most states are community property states, meaning that both people are owners of all marital property, despite who actually paid for it. The following are some tips to help you divide your property as fairly and evenly as possible.
Draw Up a Detailed List
One of the first things to do when dividing property is to make a very detailed and comprehensive list of everything you own together. This will include all real estate, including the home, investments, and cash. You must be very honest about what you own. Attempting to hide money and property from the other spouse can result in a subpoena from an attorney to gauge your actual financial worth.
Include Value for the Property
After you have made your list, provide a value for each item or group of items. You will not use a brand-new value for your property, as most physical property will have depreciated in value. You should seek the advice of professionals in order to judge the value for some items, such as land, artwork, and other items of value. Things that can increase in value, such as a house or land, you should consider having a realtor assess so that the value is accurate. For jewelry, consult with a jewelry appraiser.
Proceed with the Division of Property
You will next need to decide how you are going to divide your property. There are a variety of ways to approach this. If the two of you were able to discuss things civilly, it would be ideal to divide everything based on who will utilize it most after the dissolution of the marriage. Your weightlifting equipment, for instance, would go to you if your spouse is not into working out. Home-office equipment would go to the spouse who works from home. This is a common-sense approach to property division that can work very well as long as everyone agrees.
If your relationship is strained to the point that you cannot work out the division of property on your own, you have a few options. Working with a mediator is one way to approach the division. You can also sell your property and divide the profit.
Go in Front of a Judge
Once all of the final divisions have been made, the final step is to have everything approved by a judge. This is typically a fairly quick process unless an attorney does not represent one spouse. In that case, the judge would carefully review the division to ensure that it is fair and equitable based on the wants and needs of both people.
Dividing property can be an arduous process. Always work with an attorney, such as one from Larson, Latham, Huettl Attorneys, before signing anything that finalizes the process so that you can get everything that is rightfully yours.
12 August 2016
Like many other people, I admire the important tasks lawyers take on every day. I’m amazed at how knowledgeable general attorneys are about a variety of subjects. These professionals can accomplish many complicated jobs seamlessly, such as representing a client in a civil lawsuit, assisting a business with a merger, and acting on a client’s behalf in a medical malpractice lawsuit. Besides creating detailed legal briefs, they must argue their clients’ cases in court in front of a judge, jurors, and others. On this blog, I hope you will discover how crucial general attorneys are to this country’s legal system.