Asset Division in a Divorce-How to Divide the Assets with less Complications
In the case of a divorce, several things are to be considered, but the most basic thing is who gets what. In some instances, the division of property among some divorcing couples can get very messy while on the other hand, some can handle it easily and fast.
The nature of Asset Division varies from one state to another, but mostly there are certain things that apply to most states. The law always views marriage as an equal partnership. This means that your position in the family whether as the provider or the caretaker of the home is equally important to your spouse’s position. When the marriage breaks down, the partnership comes to an end, and the property has to be shared.
When it comes to Asset Division, the general rule is that: the accumulated value of your asset that you acquired in the course of your marriage and the one that you still have when you are divorcing, must be equally divided between the spouses. Any property that was brought into the marriage is to be kept by the party that brought it, but if there has been an increase in the value of the named property during the marriage, it must be shared. This rule applies to most family assets but with some exceptions with the major one being the matrimonial home.
In the case of your marital home, unlike other property, you do not have the credit of the home even if you owned it before the marriage. The name of the heir appearing on the house papers doesn’t count too. Both spouses are given the right to live in their matrimonial house.
Dividing assets in a manner that suit both spouses allows room for optimum divorce. Agreements over the division of property can speed the process of divorce and maintains the communication lines open which are vital for couples who have shared custody of minor children.
Property Division in a divorce can tend to be complicated. Due to this complexity in divorce and Asset Division, it is recommended that you seek the services of a divorce lawyer. One such legal adviser is the OKC divorce lawyer.
Leave a Comment