Common Questions About Property Division During a Divorce
Couples undergo many difficulties during the divorce. Be it financial, emotional, personal, or professional, and they have to make many hard decisions while they are getting a divorce. One such thing that most couples struggle with during a divorce is “asset distribution”. This is one of the most stressful parts of a divorce. Here, we are going to list commonly asked questions that would help you through the process.
Questions To Ask During Property Division
1. What is marital property?
During the process of divorce, you will come across many terms which you might not understand. One such term is marital property. The property is usually divided into 3 categories – Marital, Separate, and Divisible properties. Let’s discuss each one of these one by one –
i) Marital Property
This is the category that would include any income, property, assets, and debts that you have accumulated during the marriage. Wages, real estate, pension, retirement funds, credit card bills and mortgages also come under this category.
ii) Separate Property
This is the property on which your spouse has no right. These include pre-marriage assets, debts, inheritances, and even gifts. But it is important that you know these separate assets or properties can also convert into marital property if you commingle it. So, never mix these properties together to be on a safe side. In case, your spouse is trying to claim on what you believe is a separate property, you should immediately hire a good divorce lawyer.
iii) Divisible Property
This is the category of property that deals with the assets that spouses received during the period they were separated. Do not forget that the assets that were earned before the separation are still counted under divisible property if received after separation.
So, the first thing that you need to take care of is to identify your property. Once you have done that, you need to know its value and complete the affidavit of equitable distribution which will have the list of all the assets and its value. The entire process can be very complicated and therefore, it is always wise that you hire a professional team of lawyers like we have at Sabharwal law group.
2. Can a prenuptial agreement protect my properties?
There are two types of agreements – one – before marriage called prenuptial and the postnuptial agreement. Through this agreement you and your partner decide on which property is marital and which one is separate. And the answer to your question is yes. Most of the nuptial agreements can protect your assets, however, one thing you should remember is that not all nuptial agreements are valid.
3. Who gets the house during divorce?
Another very question that people often ask us during divorce is – who gets the house? In cases where you have a minor or dependent child, a parent with physical custody, you get to stay in the marital house. However, there are many things to consider in this scenario too like mortgages and maintenance costs. Over the years we have seen that the best option for both the parties is to sell the house and divide the proceeds to move on.
These are a few questions that people often ask us at Sabharwal law group. So, if you are getting a divorce and want a lawyer who can help you through it, simply contact us and you are good to go.