Nobody desires seeking a divorce after being married as we all look forward to a marriage that will last a lifetime. However, when there is need to divorce, there are a number of questions that will come to mind. One of such questions is, “what happens to my property when I get a divorce?”
Divorce can be a complex area of family law. Divorce also means that the properties you both shared previously must be divided. Deciding who should get what can quite be a challenge, even under the most pleasant of situations. Particularly if there are important properties such as buildings, rental property, pension plans, etc. While the assets acquired by either spouse before the marriage (separate property) can continue to be the property of the genuine owner. This is virtually everything owned during the marriage and before the separation (marital property) are eligible for division upon divorce.
In sharing marital property, there are two main systems that are usually employed. These include:
- Community property
- All property acquired during the marriage are subject to a 50/50 split
- Equitable distribution
- Marital property takes into account the length of the marriage, the earnings capacity of each spouse, custody of the children and other relevant factors.
Since the marital property will be divided in accordance with your state laws if your divorce, you should consider entering into a prenuptial agreement with your spouse before marriage, especially if either of you expects to earn a significant income.
If you are getting a divorce, you may want to speak with a divorce lawyer about your marital property options, including drafting your own settlement agreement with your ex.
For further advice on property and divorce, contact Alex Mandry Legal Group at your convenience.