How marital property is divided in a divorce including determining separate property versus marital property.
Marital property: Property acquired during the marriage by either spouse that is subject to division in a divorce.
Separate property: Property acquired by either spouse before marriage or after separation that is not subject to division in a divorce.
Equitable distribution: The process of dividing marital assets in a fair and reasonable manner.
Community property: Property acquired during the marriage that is considered equally owned by both spouses.
Division of debts: The process of dividing debts acquired during the marriage in a divorce.
Prenuptial agreements: Legal contracts made before marriage that specify the assets and debts each spouse has going into the marriage.
Postnuptial agreements: Legal contracts made during the marriage that specify the assets and debts each spouse has acquired during the marriage.
Hidden assets: Assets that a spouse may try to conceal or hide during property division proceedings.
Retirement accounts and pensions: Assets that may require special consideration and division in a divorce.
Valuation of assets: The process of determining the worth of assets for purposes of property division.
Business ownership: How ownership of a business affects property division and what steps need to be taken to properly value and divide the business.
Tax implications: The impact property division may have on taxes, both during and after the divorce.
Spousal support: Determining if one spouse is entitled to financial support from the other after divorce and how this affects property division.
Homeownership: Deciding who gets to keep the family home and how to divide the equity in the home.
Child custody and support: How property division may affect child custody and support arrangements.
Mediation and arbitration: Alternative methods of settling property division disputes outside of court.
Court procedures: Understanding the legal procedures and rules involved in property division proceedings.
Legal representation: Knowing when to hire an attorney and how they can help during property division proceedings.
Equal Division: The assets and liabilities are divided equally between the spouses.
Proportional Division: The assets and liabilities are divided in a ratio that is determined by factors such as the length of the marriage, the contributions made by each spouse, etc.
Court-Ordered Division: The court determines how the assets and liabilities are to be divided, taking into account a variety of factors including the needs of each spouse and any dependents.
Lump Sum Division: One spouse pays the other a lump sum of money in order to equalize the value of the assets.
Auction Division: The assets are auctioned off and the proceeds are divided between the spouses.
Sale and Division: The assets are sold and the proceeds are divided between the spouses.
Trade-Off Division: Each spouse is allowed to keep certain assets and liabilities, but will relinquish rights to others.
Hybrid Division: A combination of different types of property division, tailored to the specific circumstances of the marriage and the parties involved.
Deferred Division: The division of assets and liabilities is deferred until a later date, such as retirement or the sale of a property.
Mediated Division: The spouses work with a mediator to come to an agreement on how the assets and liabilities are to be divided.