Is there any way to prepare yourself for what occurs during a divorce, including the division of assets? Divorce is one of the most stressful life events, and nearly half of all married couples go through it. The division of assets can be one of the most challenging aspects of the process. Here’s what you need to know to help you prepare.
What is Marital Property?
During a divorce, the division of assets includes anything acquired while married, including belongings, property, and financial assets. Even if it was only in one spouse’s name, it’s still considered marital property if obtained during the marriage. There are some exceptions, including personal gifts and inheritances. In most cases, you retain ownership of anything that belonged to either of you before the marriage.
How are Assets Divided?
While a mutual agreement on the division of property and assets is ideal, it’s often harder than it might first seem. When the court must step in, these are the things they consider:
- How long you were married
- The value of the property, assets, and estate
- Whether or not there was marital misconduct on either side
- How much each spouse contributed to acquiring the property
- Child custody and support issues
- Any prenuptial agreement that might be in place
Dividing up your belongings, finances, and property when going through a divorce can be one of the most emotional, contentious, and complex pieces of the marriage dissolution process. This is why it’s a great idea to have a strong legal team in your corner. If you’re facing divorce, don’t go it alone. Contact the experienced team at McCutchen McLean, LLC.