If you think your marriage is ending in a divorce, you may be concerned about the amount of property you may retain from the marriage. Splitting property such as assets and money is often a contentious part of a divorce. Thus, you must understand how property is divided during a divorce and why you need a Turco Legal, P.C. divorce attorney to represent your interests.
Which Property is Split During a Divorce
Some couples are worried about losing what have worked hard for during a divorce. But marital property is divided equitable between spouses in a divorce. To divide assets, separate and marital property must be determined first. Separate property refers to property acquired by a spouse before their marriage. Marital property is property acquired by either spouse during the marriage. When a piece of property gets its proper ownership title, it will be divided. Usually, separate property is given to the spouse who brought it to the marriage. But sometimes, separate property is awarded to the other spouse.
How Much Property Can Every Spouse Get?
A lot of people think that spouses divide property in half when they get a divorce. Although this may be the case, family judges divided property fairly. For instance, if a spouse was the main provider for the family during a marriage while the other spouse took care of the household and kids, a judge may award the homemaker a big part of the marital property. This is because the homemaker has less capacity to earn an income than their soon-to-be ex.
Sometimes, if one spouse has a substantial amount of separate property, the majority of marital assets are awarded to the spouse with less property following a divorce. Rather than an even division, judges make sure their decision results in both spouses having the chance to live comfortably once their divorce has been finalized. When judges divide property, they consider factors such as every spouse’s health, earning capacity, and skills, as well as the amount of separate property every spouse owns, the length of the marriage, misconduct, and who should get custody of the kids.
If you are getting a divorce, you need the help of a skilled divorce lawyer. No matter how you trust your spouse, your attorney will review your agreement to make sure you sign on the terms that can greatly benefit you. This agreement can set up your life following the divorce. Thus, you must sign a beneficial one.