In the United States, there were over 780,000 divorces.
If you’ve found yourself as one of those statistics, you may be wondering how the division of property works.
Thankfully, we’re here to let you know everything you need to about the division of assets, so make sure you keep reading!
What is the Difference Between Community Property vs Separate Property?
When it comes to figuring out the division of property, there are two main types: community and separate.
In general, any property that you got together when you were married is a community property. But if you get it as a reward, a gift, or an inheritance, then this rule doesn’t apply.
If you got it when you were single, that’s a separate property. However, even if you bought a house while you were single, any renovations that the two of you put money into while you were married become part of their property.
How Does Division of Property Work?
Once you decide which type of property you’re dealing with, your lawyer, like those at lawmoffitt.com, will help you figure out who gets what.
Dividing the property up doesn’t always mean it will be a physical decision. For example, the court may decide to grant your spouse only a percentage of the value.
They’ll make sure everything is divided up into an equal percentage across all of the assets.
Who Gets to Stay?
But who gets to live in the home? If there are children involved in the divorce, the parent who gets custody of the kids will likely be able to stay in the home to provide stability for the children.
However, if you don’t have children and you bought the house together, it will be harder to decide. Neither of you has the legal right to kick the other one out of the house. You can ask them to leave, but since it’s in their name they don’t have to.
If this is the case, you’ll have to decide who gets to stay there in court, and if you both can’t come to an agreement, the judge will make the decision for you.
Can a Prenup Protect You?
What if you had a nuptial agreement before your marriage? You may have already defined whose property is whose and which ones you share together.
This can make it a lot easier to split it up during the divorce proceedings. However, a judge will have to decide if it is valid.
Learn More About How Division Of Property Works in Divorce
These are only a few things to know about how the division of property works in divorce, but there are many more things you should be aware of!
We know that divorce can be stressful and overwhelming, but we’re here to help you through it.
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