How to Divide Property During a Divorce
Introduction
Divorce can be a difficult and emotional experience. Not only do you have to deal with the end of your marriage, but you also need to divide your property and assets. This process can be complicated and stressful, especially when you and your spouse are not in agreement. In this article, we'll discuss the steps you can take to divide property during a divorce.
Step 1: Create an Inventory of Your Property
The first step in dividing property during a divorce is to create an inventory of all your assets. This includes everything you own, such as your house, vehicles, bank accounts, retirement accounts, and personal belongings. It's important to be as thorough as possible and to include everything, even if it seems insignificant.
Once you have created an inventory of your property, you should value each item. This will give you an idea of how much everything is worth and will help guide your decisions when it comes time to divide everything.
Step 2: Determine Separate and Marital Property
The next step is to determine which property is separate and which is marital. Separate property is anything that you or your spouse owned before the marriage, inherited, or received as a gift. Marital property is anything that you and your spouse acquired during the marriage.
It's important to note that the laws regarding separate and marital property vary from state to state. In some states, separate property remains separate, while in others, it becomes marital property if it is commingled with marital property.
Step 3: Divide Property Equitably
Once you have determined which property is separate and marital, you need to divide the marital property equitably. This does not necessarily mean that everything will be divided 50/50. Instead, the goal is to divide property in a way that is fair and just.
There are many factors that can influence how property is divided, including the length of the marriage, each spouse's income and earning potential, and each spouse's contributions to the marriage. For example, if one spouse stayed home to raise the children while the other spouse worked, the stay-at-home spouse may be entitled to a larger portion of the marital property.
Step 4: Consider Alternative Dispute Resolution
Dividing property during a divorce can be a contentious and emotional process. If you and your spouse are unable to come to an agreement on your own, you may want to consider alternative dispute resolution methods, such as mediation or collaborative divorce.
Mediation involves a neutral third party who helps you and your spouse come to an agreement on property division. Collaborative divorce involves each spouse hiring their own attorney, but working together to reach a settlement. Both of these methods can be less expensive and less combative than going to court.
Step 5: Finalize the Property Division Agreement
Once you and your spouse have come to an agreement on how to divide your property, you need to finalize the agreement. This may involve drafting a formal agreement that outlines the terms of the property division. Once the agreement is signed and approved by the court, it becomes legally binding.
Conclusion
Dividing property during a divorce can be a difficult and emotional process. However, by following these steps and working with your spouse to come to an agreement, you can make the process smoother and less stressful. Remember, the goal is to divide property in a way that is fair and just for both parties. If you're having trouble reaching an agreement, consider alternative dispute resolution methods and don't be afraid to seek the help of an experienced divorce attorney.