Dividing Up Marital Assets And Debts During A Difficult Divorce

Posted on: 13 August 2019

Coming up with a solution for a property settlement during a divorce is going to take some negotiation. When the divorce is full of contention, figuring out who is going to get what property from the divorce is going to be a nightmare. A property distribution lawyer knows what it takes to get two people to negotiate during a divorce to get to a final determination. Whether you live in a community property state and everything is divided in half or you live in an equitable distribution state and everything is split fairly, it's important to know what you can expect out of your divorce so that you know when to stand your ground.

Marital Property and Division

Marital property is anything that was accumulated during the course of the marriage. If you have been married for decades, this can be just about any asset you and your spouse own. When the marriage is only a few years old, there is generally less marital property. For example, if your spouse has been putting money into a retirement plan for the last twenty years and you have been married five of them, you are entitled to your fair share of contributions made in the last five years.

Your Separate Property

Inheritances and property you owned prior to your marriage are considered yours to keep. When you inherit a large sum of money, anything that you keep in a separate account is your property. Once you put the money into a joint bank account, the money becomes marital property. You can part of an inheritance into a joint bank account, making only that portion marital property. If you own a car in your name only, that is yours to keep. Gifts are also yours and don't have to be divided up.

Marital Debt and Your Divorce

Dividing up debt is another aspect of your divorce to consider. Any debt accrued during the marriage is both of yours, although credit cards in just your name are yours. If you came into the marriage with student loans, these are also yours after the divorce is final. If you owe back income taxes as a couple, you may be expected to pay your fair share even if you didn't earn the income in the first place.

It's hard to divide up your marital assets and debts. When you are going through a tough divorce, an attorney is going to be invaluable. Work with your property distribution lawyer to divide up your assets and get what is rightfully yours.