Dividing Assets and Debts in a Divorce!
Understand how assets get divided in divorce
Dividing marital assets and debts at the time of divorce can be a complex task as spouses do not make one opinion about who is a responsible paying debt and assets belong to whom. If you are not able to mutually divide your property, then you can take help of court and the court will divide your assets and debts according to equitable division of marital assets laws. In this matter, a couple needs to understand that equitable division does not literally mean an equal division of property. Instead, it is a right division of property.
The family law does not support 50-50 percent property division. There are varieties of factors which influence property division. So, if you are anticipating a half of property after divorce, then you might get disappointed. To avoid legal trouble you can mutually do your property and debt division. For legal help, you can even take help of your divorce lawyer. But, if everything is not fine between you two and you are unable to make property division, you can take help of the court.
In order to get clear vision about property and debt division you should consult with your divorce attorney. An experienced divorce attorney has a sheer understanding of the laws related to the division of property. You can take suggestions from your divorce lawyer on matters like how to proceed division process during divorce and how to save assets during divorce. Divorces can be a disturbing process in itself, and involvement of property or debt division makes them even more disturbing. In such situation you should hire an experienced and trustworthy attorney to help you throughout the divorce process.
How to divide property and debt?
In order to have a fair property division, you first calculate the total amount of debt. For this purpose you can make a list. In this list you should honestly include both your personal and marital debts. Take your time or mutually decide who owed which debt and who own which property. The house, the bank account, shares, bonds, etc. have been analyzed during divorce. You can even share this information with your divorce lawyer for better suggestions. Your divorce lawyer will ask for your share in property and debt in the court room and final decision will be made by a judge. The judge will appropriately analyze your situation and the laws associated with it. And make a final decision which you have to respect.