Asset Division and Property Division
When it comes time for a divorce, a couple will always have to divide the property between them. All marriages have at a minimum one issue in common which is property. Whether the parties own a small cabin in the woods or a multi-million dollar home, they would have to figure out what they want to do with that certain property.
Divorce judgment constitutes the responsibility between the parties. However, the contracts that you have with the lender are between one or both spouses.Marital Property
Marital Property is property acquired during the course of the parties’ marriage, by one of the parties or jointly, unless it is acquired as an inheritance to one spouse or gift from another person. Property can mean assets or anything that have value in terms of fair market value, but not sentimental value. Certain assets in the eyes of the law may not have value. If you have a question whether a property has value, you should consult an attorney. The Soubra Law Firm can speak to you to figure out if certain items may have value and is subject to division at the time of the divorce.Non-Marital Property
Non-marital is property acquired before the marriage that stay the same or gifts from another or inheritance in course of the marriage to one spouse. Certain properties can be considered non-marital properties. You want to consult with an attorney who can tell you whether such property is non-marital. The Soubra Law Firm is here to serve clients to determine what assets are non-marital.Premarital Agreement
To protect non-marital property before the marriage and also to protect certain types of property acquired during the marriage for one spouse, the parties can draft a premarital agreement. The reason for a premarital agreement, also known as a Prenuptial Agreement, defines what is non-marital property for each party, any property agreed to be joint property, and how property acquired during the marriage will be characterized whether it will be jointly or separate.Dissipation of Property
Dissipation of property is when one spouse begins to use marital assets for the purpose of non-marital once the marriage is on a rocky road. The party found to have dissipated the property may be ordered to replace the martial property or its value.Commingled Property
Commingled Properties are assets that are non-marital, but are used to buy property during the marriage.Real Property
Acquiring real property such as homes, property, land, business, etc, real property bought during the marriage is characterized as marital property except for any claims raised by the other party. If you wish not to create right of one spouse in real property, a family law attorney should be talked to before the acquiring the property to decide whether of the property kept as non-marital property as possible.Business Property
Property producing income and business assets are considered as business property. When a business entity is created such as a limited liability company, trust, or corporation, the business entity can be used effectively to keep property separate. While methods can be made to keep property non-marital, the income producing business during the marriage and the value of the business property can be marital property.Investments and Bank Accounts
Like Property, investments and bank accounts can be held jointly or solely. When you placing money in a joint back account, you are treating this account as marital property that is subject to division at the time of divorce. The lesson here is to keep your accounts and funds separate from the other spouse. Maintaining good records on every transaction is the first step in treating property separate as non-marital property. Remember, money is the most difficult asset to keep track of for treating as marital or non-marital property.Spousal Support Cases and Child Support Cases showing Property Acquisition
Having certain property such as an expensive property, you are not able to pay a certain amount in child support or spousal support that the court can look at your property to determine if you are able to pay the spousal support and/or child support.
You can contact the Soubra Law Firm if you wish to retain an attorney to protect your interests when it comes to Property and Asset Division in course of a marriage. You can contact the Firm at 301-219-5038.