Define: Property Division

In a divorce, property is typically divided through a process called equitable distribution, where the court determines a fair and just division of assets and liabilities based on various factors such as the length of the marriage, each spouse’s financial contributions, and the needs of each party.

Marital property generally includes assets and debts acquired during the marriage, regardless of who holds the title or whose name is on the account. This can include real estate, vehicles, bank accounts, retirement accounts, and even business interests.

In most cases, gifts and inheritances received by one spouse during the marriage are considered separate property and are not subject to division. However, if these assets were commingled with marital property or used for the benefit of the marriage, they may be subject to division.

The court may consider various methods to determine the value of property, such as appraisals, expert opinions, or the fair market value at the time of the divorce. It is important to provide accurate and up-to-date information about the value of assets and debts during the property division process.

Keeping the house in a divorce depends on various factors, including the financial ability to maintain the property, the value of the house compared to other marital assets, and the best interests of any children involved. The court may consider these factors when deciding whether to award the house to one spouse or order its sale and division of proceeds.

Joint debts, such as mortgages, credit card debts, or loans, are typically divided between the spouses during the property division process. The court may assign responsibility for specific debts based on factors such as each spouse’s income, earning capacity, and financial circumstances.

Hiding assets during property division is illegal and can have serious consequences. Courts have the authority to impose penalties, including awarding a larger share of the assets to the innocent spouse or holding the offending spouse in contempt of court. It is crucial to be transparent and honest about all assets and debts during the divorce process.

In general, property division orders are final and can only be modified under exceptional circumstances, such as fraud, mistake, or significant changes in circumstances. It is advisable to consult with an attorney to determine if your situation meets the criteria for modifying a property division order.

If you and your spouse cannot reach an agreement on property division, the court will make the decision for you. It is recommended to try mediation or negotiation with the assistance of attorneys before resorting to litigation, as it can be a costly and time-consuming process.

To protect your separate property during property division, it is essential to maintain clear documentation and separate accounts for any assets or debts that are considered separate. Additionally, a prenuptial or postnuptial agreement can provide further protection for separate property. Consulting with an attorney can help you understand the best strategies for safeguarding your separate assets.