Divorce is difficult to deal with and residents who are parting ways at the end of a marriage will have a litany of issues. If there are children from the marriage, they will obviously take precedence over everything else. However, property division is also an important part of the proceeding.
This can be due to ownership of a home, business ownership, retirement accounts and other assets that will be up for dispute. Knowing how the law will determine who gets what is a good place to start before moving forward with negotiating or going to court. People should remember that there will be no consideration of any allegations or proof of marital misconduct when dividing the property in a way it deems to be just.
When there is a divorce, there are many factors that are considered with property division. They include: the way the spouses contributed to its acquisition — this includes a homemaker who provided some level of contribution; the value of the property and how it is set apart for each; how long the marriage lasted; what the economic situations for each person is when the property division goes into effect — this includes whether the spouses want to retain a home and plan to live in it, as well as whether there are children in the marriage and their custody.
The division of property can be a major issue as some couples have expensive items that were acquired after they were married, and both will want to retain them or to receive a portion of what they are worth as part of the settlement. That can include a home and its value, a motor vehicle, collectibles and more.
Even in marriages, where there were not significant assets, property division can be a complicated issue. Having legal assistance is critical for anyone who is ending a marriage and has concerns about property division. Calling a lawyer for representation can help to ensure the process is done fairly.