Filing for divorce can be a difficult decision that some spouses have to make. It may be even more difficult to go through the process. During the divorce process, there are many sensitive topics that need to be discussed. The couple will have to make decisions on these topics. This can include the division of assets. While this may seem materialistic, some assets can have sentimental value for some spouses. This can make it hard to part with them. Other assets may be something they wish to acquire simply because they will not have the expenses to pay for a new one after the divorce.
When assets are divided, they will be placed into two categories first. They will be separated by separate property and marital property. This will show what property is exempt from the division process. Separate property is brought into the marriage by one individual. It was previously owned by one spouse before the marriage was made official. This can qualify it as separate property and grant the one spouse ownership of it. Marital property is intended to be a part of the marriage or acquired during the time when the couple was married. This can qualify it for the division process. Many factors will have to be considered to see who ends up with the property after the divorce.
How is equitable distribution used?
Equitable distribution is a concept that explains how assets should be divided in a fair and just manner. Although it uses these two terms, it does not mean that the assets should be divided evenly between the two spouses. Equitable distribution is used by judges when they consider various factors that relate to the marriage of the couple. The judge will consider what each spouse owns as an individual and what is owned together. During these cases, a judge has to consider the duration of marriage, the standard of living for the couple, the value of their marital assets and many more factors to determine who should receive what property. Factors can also be related to each individual spouse, including the earning capacity of each spouse and their income. This can affect the judge’s decision for the case since it can speak to how much they can possess in the future. When a prenuptial agreement is in place, it can make the division of assets easier. Some assets may already be claimed in the prenup. In prenuptial agreements, spouses will claim certain assets and properties before they become married. This can be put in place in case a divorce is a possibility.
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