Property division is among the most intricate parts of a divorce because of the sheer number of items that must be distributed between spouses. It may take a long time to come to an agreement that both people feel is fair and equitable, the two guidelines that property division arrangements hinge on. With that in mind, it can be beneficial to understand the basics of dividing property, be familiar with the rules, and know what it takes to finalize your divorce with the terms you want.
“Equitable Division”
When dividing property, it is necessary to ensure that both partners are getting an equitable share. This means that each spouse walks away from the marriage with a roughly equivalent share of the property. For instance, if you plan on taking the car following your divorce, you’ll likely have to give up your claim to something equally valuable, like market investments or cash. The doctrine of equitable division protects spouses from being left with nothing if the marriage ends.
It’s essential & vital to understand that there is a distinction between “equitable” and “equal.” Some states, like California, require that property be equally split 50-50 between both spouses, while other states, like Florida, merely require an equitable arrangement in which both spouses leave with roughly comparable amounts of property.
Understanding Pre-Marital Property
Pre-marital property is usually exempted from division, meaning you’ll probably want to be familiar with what you’re protected from parting with. Generally speaking, items you owned before your marriage are not considered marital property, nor is property acquired as a gift or inheritance. Some spouses attempt to hide items by giving them to friends as “gifts” to get them back as a gift at a later date. If you fear your spouse is attempting to conceal information in this manner, it may be good to consult with a Property Division Lawyer.
Family law disputes can be distressing & daunting. However, before taking on divorce, order modification, child custody, or all other important legal matters, it would be smart & helpful to get the best legal advice. Contact the office of Fizer Law, the top Property Division Lawyer in Long Beach, at 1(562)-270-9944.
