Divorce is an emotionally draining process that tears you apart as a family. When you have finally made the decision to end your marriage, there are many aspects that you need to take care of, especially when you have children. Besides other things, you need to take care of asset division after your divorce. An attorney can help you navigate through the complex process and ensures that the division will best meet the needs of you and your family.
By understanding these factors, you can work towards a fair and equitable division of assets.
Marital vs. Separate Property
It is essential to identify and classify each asset accurately to ensure a fair division and you can do this with the help of estate planning lawyers.
One crucial factor to consider when dividing property is distinguishing between marital and separate property. Marital property typically refers to assets acquired during the marriage, while separate property includes assets owned before the marriage or received through inheritance or gifts.
Financial Contributions by Each Spouse
The financial contributions made by each spouse during the marriage can significantly impact the division of property. Contributions can include income earned, investments made, and debt incurred. The court will often consider the financial contributions of both parties when determining the division of assets.
It is essential to provide documentation and evidence of your financial contributions to ensure a fair evaluation.
Non-financial contributions should also be considered when dividing property. These contributions can include childcare, homemaking, and support in building a career or business.
While they may not have a monetary value attached, they are essential to the functioning and success of a marriage. Recognizing and acknowledging these contributions can play a role in the division of assets.
When children are involved, custody and support obligations become significant factors in dividing property. The court may prioritize the best interests of the children and ensure that they have a stable and secure living environment.
It is crucial to consider the impact of custody and consult a custody attorney on the division of property. Child custody can influence the division of assets, as one spouse may be granted primary custody or require additional financial support
Future Financial Stability
Another crucial factor to consider is the future financial stability of each spouse after the divorce. The court may consider the earning potential, employability, and financial needs of everyone.
This consideration aims to ensure that both parties can maintain a reasonable standard of living post-divorce. Factors such as age, health, and education may be evaluated to determine the division of assets.
Mediation and Collaboration
Finally, the approach taken to resolve property division matters can greatly influence the outcome. It’s best to choose legal mediation or collaboration rather than litigation to have more control and flexibility in finding mutually acceptable solutions.
These methods allow both parties to actively participate in the decision-making process, leading to a greater likelihood of a fair division of assets.