Once you decide to divorce, there will come a point in the near future when you begin to think about property division. Although you may have concerns about equitable division, there are steps you can take to put your mind at ease.
Here are some of the most common questions associated with property division in divorce:
- Do you know the difference between marital and separate property? If you acquired an asset during your marriage, it’s almost always considered marital property and is subject to division. However, if you bring an asset into your marriage, it may not be subject to division.
- What happens to the family home? There’s no easy answer to this question, as it depends largely on your situation and what you negotiate with your soon-to-be ex-spouse. For example, the person with physical custody of your children may decide to stay in the home to maintain stability. Or maybe you decide to sell the home and split the proceeds. There is more than one option to consider.
- How does debt affect property division? It’s easy to focus on assets, but most people don’t want to think about all their debt. This must also be divided in a divorce and can include things such as credit cards, mortgage, car loans and personal loans.
Property division in divorce can be a sticking point, so make sure you put enough time and energy into this part of the process. When you combine a list of assets and debts with knowledge of your legal rights, you can take steps to protect yourself from start to finish.