Understanding the Basics
Divorce is an all-too-common reality for many couples, and one of the most difficult parts can be dividing up assets. Property division is often a contentious issue in divorce proceedings, and it can be complex and confusing, especially for those who are going through it for the first time. Generally speaking, property division involves splitting up a couple’s assets and debts, and it can be done either through negotiation or through a court order if the couple cannot come to an agreement. Keep expanding your knowledge of the subject by visiting this external website we’ve handpicked for you. Strafverteidiger Wels, gain further insights and Discover this insightful study novel facets of the subject addressed.
Under most state laws, property is divided into two categories: separate property and marital property. Separate property refers to any property that one spouse owned before getting married, as well as any property acquired during the marriage that was specifically designated as separate property (such as an inheritance or gift). Marital property, on the other hand, refers to any property that was acquired during the marriage, regardless of whose name is on the title or who paid for it.
The Equitable Distribution Model
When it comes to dividing up property, most states follow the “equitable distribution” model. Equitable does not necessarily mean equal, but rather, it means that the division of assets should be fair and just. This means that in many cases, property will be divided equally between the two spouses, … Read more