Dividing Your Property During a Divorce

A divorce completely changes your daily life. After a divorce, you may be forced to move to a new home or a new location, find a new vehicle, or live without your favorite pet, all of which are now the legal property of your former spouse rather than shared property between the two of you. When considering a divorce, it is important to understand the potential outcomes of the division of your shared property and to work closely with your lawyer to ensure a favorable outcome for both parties.

Equitable Distribution

IN RI

Equitable distribution, also known as division of property, is the legal division of property rights between two spouses during a divorce. During a divorce, the division of property may be accomplished in a variety of ways, including:

Agreement Property settlement Judicial decree Sometimes spouses are able to come to an agreement about the fair division of property and can make decisions that seem reasonable for both parties. In many other cases, a legal adviser is enlisted to help create a property settlement, or a judge makes the final, legally-binding decision about which spouse gets what property. In any cases, it is important to have an experienced and capable divorce attorney to help you work toward a fair solution.

It is important for those in the midst of a divorce to keep in mind that equitable distribution is not the same concept as equal distribution. In most cases, the joint property will not be split between parties until each has holdings of equal financial value. Instead, other factors will help determine who gets which items or assets. For example, if one spouse has a deep emotional attachment to a pet while the other is indifferent, the first spouse is more likely to leave the divorce with full ownership of the pet. In families with a stay-at-home mother, the mother may receive more property shares to compensate for the fact that she is now forced to take a low-paying, entry-level position.

In cases in which couples cannot completely agree on who gets which items of property, a lawyer can work with both parties to draw up a property settlement, outlining a fair division of property. Once signed, this becomes a legally-binding document. If either party refuses to sign the settlement, the divorce cannot be finalized. In these cases, the divorcing couple may choose to have a judge make the final decision about property division.

To learn more about equitable distribution and other aspects of property division, visit the website of the Raleigh divorce attorneys of the Marshall & Taylor Law Firm.

Dividing Your Property During a Divorce

Joseph Devine

IN RI