Divorce Lawyer: Division of Assets

Why do you need a divorce lawyer? Unfortunately individuals and couples don't realize just what their separation entails. While things may seem simple and the current situation amicable, that doesn't means that things won't change somewhere down the line. Sometimes being naive about the process makes people believe they can handle the situation on their own. Then, division of the assets arises and things become much more complicated.

When going through this split you assume that everything is going to be split down the middle. What's mine is yours and vice versa when it comes to marriage. But your divorce lawyer will remind you that the state in which you live as well as your specific situation can make a difference in the way things are divided.

Equitable Distribution

While splitting assets down the middle may seem equitable or equal, this is not the guiding principle behind a state that adheres to the concept of equitable distribution. Instead, the court looks at the situation and makes a decision on what seems to be fair and reasonable. Either party can walk away with either everything, nothing, or something in between. If your state falls into this category, having a divorce lawyer can make all of the difference in the assets that you walk away with after the settlement.

The marriage and the participants are looked at individually. The court examines what they brought into the marriage including assets and their paychecks. Things like debt and retirement accounts are also taken into consideration when making up a settlement that the court deems equitable. In many cases it doesn't matter whose name is on an asset or whose name is on the credit card statement. These things are usually looked at as part of the marriage as a whole with each party being responsible in some way.

Community Property

Less common are the states that fall under the idea of community property. This means that as a starting place everything that a couple owns or owes will be divided up fifty-fifty. That means that all assets are split up just as the debt is split up. Just like equitable distribution, it doesn't matter whose name is on the deed or the credit card statement, it is a shared asset or liability.

Just because things seem less complicated on the surface doesn't mean that you can skip over retaining the services of a divorce lawyer. You still want to have someone familiar with the exceptions and issues that can still arise in this type of separation. If you believe that your spouse is hiding assets or increasing debt in order to come out with a better situation for themselves, you can speak with your lawyer about what your options are.

Terminating a marriage is never easy. While assets and debts are being divided, there are still emotions and feelings involved. Many times individuals let those things get the best of them instead of making sure that they are taking care of the future. A divorce lawyer will ensure that you best interests are represented.