When the decision of filing for a divorce has been made, several things must be accomplished including dividing all assets. Any assets acquired during the marriage must be equally split between both parties or one part must buy out the other.
A property settlement includes anything that can be outright owned. For example – land, houses, any business you own (including partnerships), vehicles, bank accounts, shares, household items, furniture, tools and equipment, and even trusts. It includes any property you or your partner owns, regardless of whose name is on it. Any property that is owned by either of the spouses before marriage can also be included and added to the assets. Any debts must be paid off before the division of assets can be done.
Even if you have agreed on how you will split your assets, it’s a good idea to acquire a lawyer to make it formal. The possibility that your spouse might change their mind, or even hide some assets from you can hurt you in the long run. Having a legal document handled by a lawyer protects everyone involved.
The most effective and easy way to reach an agreement is doing it between lawyers without taking it to court. If it must be taken before the judge, you run the risk of all assets not being split 50/50. This can also be a very costly and time consuming avenue.
Lawyers work together to devise a fair and equal settlement agreement. In order to do this, they will look at each partys contribution to the marriage such as wages and child responsibility. In addition, both parties age, health, if there are children and any future educational obligations must also be considered to comprise a flexible alimony and child support agreement.
Child custody is usually determined by a combination of things – the child’s wishes, which parent has had more contact, the quality of the parent – child relationship and the physical and mental health of both parent and child. The parent who does not receive custody generally pays child support.
If you believe your spouse is hiding any assets, you can have the lawyer investigate by enforcing the “full and frank disclosure”. This means, they must either come clean with any hidden assets they may have or the lawyer can issue a subpoena, a court order demanding they produce all documents. Another consideration is making sure you have a tax agreement. Some of these assets might come with a big tax bill and you need to know and have in writing who is responsible for it.
Divorce is an emotional time, but splitting your assets must remain business like. A lawyer should listen to your concerns and thoughts, but work in your best legal interests. If you have no children, and possibly no property, you can more than likely file for divorce without a lawyer. They are much easier and cheaper to come by.
Marcy Burlock is an established writer on Clivir.com where she shares her knowledge about Free Do-It-Yourself Divorce with others. You can also find her other articles like How to Find Free Divorce Paperwork on Clivir.
