Property division is among the most intricate
parts of a divorce because of the sheer number of items that must be
distributed between spouses. It may take a long time to come to an agreement
that both people feel is fair and equitable, the two guidelines that property
division arrangements hinge on. With that in mind, it can be beneficial to
understand the basics of dividing property, be familiar with the rules, and
know what it takes to finalize your divorce with the terms you want.
"Equitable
Division"
When dividing property, it is necessary to
ensure that both partners are getting an equitable share. This means that each
spouse walks away from the marriage with a roughly equivalent share of the
property. For instance, if you plan on taking the car following your divorce,
you'll likely have to give up your claim to something equally valuable, like
market investments or cash. The doctrine of equitable division protects spouses
from being left with nothing if the marriage ends.
It's essential & vital to understand that
there is a distinction between "equitable" and "equal."
Some states, like California, require that property be equally split 50-50
between both spouses, while other states, like Florida, merely require an
equitable arrangement in which both spouses leave with roughly comparable
amounts of property.
Understanding
Pre-Marital Property
Pre-marital property is usually exempted from
division, meaning you'll probably want to be familiar with what you're
protected from parting with. Generally speaking, items you owned before your
marriage are not considered marital property, nor is property acquired as a
gift or inheritance. Some spouses attempt to hide items by giving them to
friends as "gifts" to get them back as a gift at a later date. If you
fear your spouse is attempting to conceal information in this manner, it may be
good to consult with a Property Division Lawyer.
Family law disputes can be distressing &
daunting. However, before taking on divorce, order modification, child custody,
or all other important legal matters, it would be smart & helpful to get
the best legal advice. Contact the office of Fizer Law, the topProperty Division Lawyer in Long Beach, at 1(562)-270-9944.
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