How do we divide property in a divorce?
When it comes to divorce, many couples want to know: Who gets what?
The answer to this question is unique to each couple’s situation. The courts are tasked with a four-step process called equitable distribution that involves: identifying, classifying, valuing, and distributing property. Sounds simple, right?
Actually, this can become an extremely complicated process in determining which property is marital (belonging to both spouses) and which is separate (belonging to just one spouse). In some cases, a spouse may worry their husband has been hiding assets, or in others, there may be tax concerns that need to be addressed. In this section, we will answer questions couples commonly have about how property is divided in a divorce, and how to handle unexpected or complicated problems.
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A timeshare is a marital asset or liability and it is subject to division like any other property.
The majority of professionals have not considered the impact of divorce on their business. The first piece of advice? Don’t panic!
An often-overlooked but important part of the divorce process is estate planning to ensure your wishes are known and will be honored.
All marital assets are not created equal. Some marital assets are very easy to value and divide between the two parties. Other assets are more challenging in both valuing and division.
What tax implications are involved when dealing with property like retirement accounts, life insurance policies or even the marital home?
What you need to watch for if you’re concerned your spouse may be hiding assets during a divorce.
Not every couple is able to agree to a property settlement and may find it necessary to have the court distribute their property. The process of property distribution by the court is called equitable distribution.
When divorce proceedings involve couples with high net worth, issues like property division and alimony can become even more complex.
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When a marriage ends, it is never easy. It can feel like there are a million things to consider — from the practical decisions about property and finances to the emotional heartbreak of ending a relationship.
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