Property division after a divorce could be inevitable. A divorce will likely incur the distribution of assets and estate held in joint or sole ownership. Some people might think that they could handle the scenario independently. But, there are many instances in which property division would require legal supervision.
In such cases, an attorney could significantly help the applicants for divorce regarding property division. Hiring an attorney could be beneficial in any legal matter. The primary benefit of hiring a skilled law professional is that it could help you evaluate your case and find the best solution. Often, the divorce applicants may only focus on getting the estate than deriving a solution in everyone’s interest. Check ctfamilylaw.com for more information.
This article covers all the necessary aspects of property division and the benefits of hiring an attorney below.
What is property division?
Property division is also known as equitable distribution. It involves the judicial division of property and its rights between two people. Most property division cases occur after the court approves the divorce between two spouses. The process of property division could be complicated for most people. The legal issue involves gathering and submitting necessary documents, dealing with the divorce, and handing over the transfer of the estate.
In most cases, the property is divided equally. Although, there are some cases where the property would not be divided equally between the two spouses. The Equitable Distribution Law decides the nature of property division after a divorce. Before the property division case, the court would require both spouses to reveal their income and the number of assets or estates they own. It would further ease the process of property division.
What is the need for the property of division?
Suppose you decide to file for a divorce with your spouse. Once the divorce is concluded, the property owned by you and your spouse needs to be divided amicably and equally. The need for property division could also kick in when both spouses have inevitable disagreements about the division of property.
When both spouses in a divorce disagree regarding property division, the court may have to interfere legally to prove a mutual decision that helps the spouses acquire property equally. The court may follow the state laws about property division once it proceeds with the case. Laws and statutes about property division differ for each state. You must contact an attorney to ensure your case follows the correct regulations and guidelines.
Which types of properties are involved in property division?
Different types of properties are divided between two spouses after a divorce. For instance, marital and separate property will be considered when property division occurs. While the marriage property may differ for each state, it generally means acquiring property during the marriage.
It would help if you did not forget that individual gifts and inheritances are not considered marital property. For example, if an item were purchased by a spouse individually using the marital funds during the marriage, it would be considered marital property. The pension earned during the marriage will also be considered marital property.
Separate property is usually the estate or assets a spouse may own individually in their name. The spouse can also decide which property or investment they want to keep separate from the marital property.
Should I hire an attorney for the property division?
Yes. When dealing with a legal matter, it would be most helpful for you to hire experienced divorce attorneys. Lawyers are skilled professionals who are familiar with and accustomed to the proceeding of a legal matter. A lawyer can help you follow various laws and regulations that would otherwise cause issues if not followed.
Apart from the generalized ability of an attorney to tackle a legal issue, an attorney specializing in their practice area in property division cases can prove to be most helpful. You can handle the legal matter individually. But, your case would be more likely to conclude in your favor if an attorney takes it.
What are the advantages of hiring an attorney for the property division?
Below are some of the primary benefits you can expect to achieve when you hire an attorney for the property division of your case:
Filing for a divorce could be amicable in most cases. However, the decision of distributing or dividing property would not always be agreed upon by both parties of the divorce. A conflict would likely arise when there is a need for asset distribution. When the spouse wants to derive an optimal solution, it would be in their best interest to seek legal supervision. The judgment of either spouse could be clouded during property division. The attorney would help both parties agree on a decision satisfying everyone’s demands and wishes.
Method of division
Every state has different laws and regulations when dividing estate or property between two entities. Some states follow community property guidelines and rules, while others follow the equitable distribution. However, most law professionals know the difference and how the division takes place. An attorney would help you follow different guidelines and laws when property division needs to take place after the divorce. It could be necessary since it directly involves the property owner, estate, and future property ownership.
In many divorce cases, it has been observed that the couple owned property jointly. The estate was equally distributed before the divorce took place. Such scenarios could be challenging to deal with. Division of marital property could be crucial, especially when the divorce is amicable.
It would be best to consult an attorney to avoid conflicts when proceeding with property division. Also, the decision of property division would be affected if there is a child in the divorce. The attorney would ensure that the child’s future is not affected by accounting for an ideal decision and fair estate distribution.
Some of the legal terms may sound confusing and complicated. But, you can hire an attorney and follow the advice based on your legal case. Division of property after marriage will also decide a child’s future. You should not neglect to speak to a lawyer about your legal case and talk to them about each complication or issue that you have encountered.