|
||
During a divorce procedure there are a lot of aspects that need to be taken into account; property division is just one of these aspects. The division of property is a judicial division of property rights and obligations between spouses during divorce. It may be done by agreement, through a property settlement, or by judicial decree.
A property division is not necessarily a physical division of property. What happens during a property division is the court will award each spouse a percentage of the total value of the property and possessions that have been accumulated since not only the marriage began but also as far back as when the relationship began. This is often a very traumatic experience, which is why it is important that the division of property is sorted as soon as possible so that all the parties included can move on with their lives.
The notion of property division is an aspect of family law that varies depending on what state you are in. The courts divide property under one of two basic schemes, which are community property or equitable distribution. So what is the difference between the two? Well with community property division, all the property of a married couple is classified as community property, which means it is owned equally by both spouses. Community property division means that all of this is divided equally but anything that is solely owned by one spouse is theirs to keep alone. With equitable distribution however all of the assets and earnings that are accumulated during marriage are divided in a fair manner but this nay not necessarily mean equally. In practice, often two-thirds of the assets go to the lower-wage earner and one-third to the other spouse.
Depending on the state that you live in depends on what type of property division you will be facing but in general both parties will have a percentage of the overall property and possessions. The law of property division includes all property, including inheritances and gifts, and property owned by one of you before the relationship began. Many of you may not be left thinking well what happens to the actual property (house)? There are many answers to this question depending on your situation. If children are involved then the house goes to the custodial parent. If there are no children involved and the house is only in one spouses name then the property is theirs alone and they have the right to ask their partner to leave. If however the house is in both names then neither spouse has the legal right to kick the other one out. The way that this is settled is you can either come to a mutual agreement or you can leave it for the courts to decide.
It is very common for a couple to decide to divide their property and debts themselves without the involvement of the court. This decision depends on the nature of the relationship between the divorcing couple but in many cases this is the easiest option if all you both want to do is get on with your lives. Either way the property will be divided in what is classed as the fairest way and each of you will get a percentage that you can use to start your new life.