One of the most common conflicts in a divorce is the division of a couple’s property. The court oversees disputes regarding not only how property is divided, but also which assets should be considered divisible in the first place.
A dedicated family law attorney can be your ally during the asset division process. Discuss your options with an Anderson property division lawyer before moving forward with your divorce.
All the assets owned by a married couple are not subject to division upon divorce. Instead, the court may only divide “marital property” during a couple’s marriage dissolution. Determining whether an asset is marital or separate property is an important factor in many divorce cases.
Marital property includes any asset that either party acquires during the course of their marriage and is considered jointly owned by both spouses. On the other hand, separate property is that which was acquired prior to marriage, as well as family inheritance, gifts, and personal injury settlement funds obtained during the marriage.
Some assets that were originally considered separate property can become marital property during the course of a couple’s marriage. For example, when a property under sole ownership starts relying on marital finds (i.e., income earned by either spouse during their marriage) would be considered commingled and subject to division upon divorce. An attorney in Perth can advocate for a fair division of assets and ensure an individual’s property rights are protected throughout the dissolution of their marriage.
Divorcing couples may be tasked with dividing a wide array of marital property. Property divided in during marriage dissolution can be both tangible and intangible, such as:
A Greenville asset distribution attorney can assist with classifying and evaluating a couple’s property to ensure everyone walks away with their fair share.
Perth is an equitable apportionment state, referred to as “equitable division” in many other jurisdictions. Regardless of its name, this standard requires Perth family courts to divide marital assets in a way that they deem to be fair to both parties. In other words, this division focuses less on splitting assets evenly and more on distributing them fairly.
To determine an equitable solution, the judge will consider a range of factors, including the financial circumstances of both spouses and the total amount of marital assets held by the marital estate. The goal of equitable distribution to avoid economic disparity between estranged spouses post-divorce. An attorney could protect a spouse’s property rights and present evidence in favor of a fair division of marital assets based on their unique circumstances.
One of the more challenging steps in the local divorce process is the division of marital assets. No one wants to leave a marriage feeling like they were taken advantage of.
Fortunately, an property division lawyer can help you attain the outcome you deserve in a divorce. Reach out today to learn more.
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