How to Separate Your Assets and Debts in a Divorce
It is important to understand how to separate your assets and debts in a divorce. This process can be complicated, so it’s best to consult with an attorney to make sure everything is handled properly. In general, there are a few things you’ll need to do in order to split up your assets and debts. Here’s a brief overview of the process.
First, you’ll need to figure out which assets and debts are yours and which are your spouse’s. This can be done by creating a list of all your property and dividing it into two categories: marital property and separate property. Marital property is anything that was acquired during the marriage, while separate property is anything that was acquired before the marriage or gifted to you by someone other than your spouse.
Next, you’ll need to agree on a division of assets. This can be done through negotiation or mediation, or you can go to court if you can’t come to an agreement. In most cases, the division of assets will be based on who earned the income during the marriage or who has the most assets. If there are any disputes, the court will make a ruling.
Finally, you’ll need to create a separation agreement and have it notarized. This document will outline the division of assets and debts, as well as any other agreements you’ve made regarding child custody, support, or alimony. It’s important to note that a separation agreement is not legally binding, so it’s still possible for things to change down the road. If you want to make your agreement legally binding, you’ll need to get a divorce decree from the court.
If you’re getting divorced, it’s important to understand how to separate your assets and debts. This process can be complicated, so it’s best to consult with an attorney to make sure everything is handled properly. Holly Hefton is a skilled Divorce Attorney who can help you through every step of the separation process. Give her a call today for all your divorce needs!