How Does Divorce Affect Your Property?

How Does Divorce Affect Your Property?

How Does Divorce Affect Your Property?

Divorce is something that happens to most people at some point in their lives. The fact of the matter is that divorce is not an easy thing to deal with and it can be extremely stressful. This is especially true if there are children involved or if you have a lot of assets to divide up. If you are going through a divorce, you may have questions about what happens to the property and assets once the divorce is final.

It’s important to understand that in a divorce, you will only receive half of the marital property. In addition, there are other assets that are not considered marital property, and these are generally referred to as separate property.

Marital Property

Marital property is any property acquired during the marriage that was owned by both parties prior to the marriage. For example, if you were married for 10 years and you both worked and saved money throughout this time, your home is considered marital property. However, if you got a new car while you were married, it would not be considered marital property. It is also possible for one party to give the other party a gift of separate property during the course of the marriage.

Separate Property

Separate property is anything acquired after the marriage. This includes anything you earn during the marriage and any property that you acquire with money that was inherited from someone else. For example, if you inherit a million dollars from your grandfather, you would not be able to claim this as part of your marital property because it was not acquired during the marriage. You would be able to keep it.

What Happens to the Assets?

Once you have decided how to divide the property and assets, the court will then decide how to distribute them. There are a few different ways the property can be divided. If you own a home, the court will most likely order that it be sold and the proceeds divided between the two of you. This is known as a community property state. If you do not own a home, the court may award you a portion of the equity in the home as part of the division of property.

In addition, the court may order that the property be sold and the proceeds divided equally between the two of you. In some cases, the court may award one party a larger share of the property and then allow the other party to use the money to pay off debts, buy a new home, or invest in another asset.

If the property is awarded to one spouse, the court may also award that person the right to live in the property for a certain amount of time. This is known as a right to occupancy.

When a couple divorces, the court will decide how to divide the property and determine how much each party will receive. This process can take several months and it is important to remember that the court will not make any decisions regarding the property until it has been determined who gets what.

Compare listings