Property Division
Divorce often involves more than just emotional challenges; it also requires the division of property and assets accumulated during the marriage. Property division can become a contentious issue, especially when both parties have differing opinions on what is fair. Having a family lawyer on your side can help ensure that this process is handled smoothly and that your interests are protected.
Here’s how a family lawyer can assist with property division during a divorce.
Assessing Marital Vs. Separate Property
One of the first tasks in property division is determining what constitutes marital property versus separate property. Marital property includes assets acquired during the marriage, such as homes, cars, and bank accounts, while separate property refers to assets owned before the marriage or acquired through inheritance or gifts. In many cases, distinguishing between the two can be complicated, particularly when assets have been commingled.
A family lawyer from a firm like Vayman & Teitelbaum, P.C. can help clarify what is considered marital property and what remains separate. By carefully reviewing your financial situation and understanding the laws in your state, your lawyer can ensure that only marital assets are divided, allowing you to keep any separate property.
Valuation Of Assets
Accurately valuing assets is crucial in the property division process. Some assets, such as bank accounts and vehicles, are relatively easy to value. Others, such as real estate, retirement accounts, and businesses, may require a more detailed assessment. Having a family lawyer can help ensure that all assets are properly valued before any division takes place.
A lawyer may also work with financial professionals or appraisers to determine the true value of complex assets like real estate, investments, or businesses. By ensuring that each asset is properly assessed, your lawyer can help you receive your fair share of the marital estate.
Negotiating A Fair Division
Property division is rarely straightforward, and it’s common for both parties to have differing opinions on how assets should be split. While some couples are able to come to an agreement on their own, many require the assistance of a family lawyer to negotiate fair terms. A lawyer can help mediate discussions, ensuring that each party’s interests are considered.
Negotiating a fair settlement can prevent the need for lengthy court proceedings and give both parties more control over the outcome. Your lawyer will help you negotiate with a clear understanding of what you are entitled to, ensuring that your financial future is protected.
Handling Debts And Liabilities
Property division isn’t just about dividing assets; it also involves dividing debts and liabilities. Whether it’s credit card debt, a mortgage, or personal loans, the way debt is divided can have long-lasting financial implications. A family lawyer can ensure that debts are distributed in a way that is fair and reasonable.
Your lawyer can also help protect you from being unfairly burdened with debts that were primarily incurred by your spouse. By carefully reviewing the financial records, your lawyer can advocate for a division of liabilities that accurately reflects each party’s responsibility.