Your Finances During A Divorce
During a divorce, your assets will be divided by an agreement your reach with your spouse or they will be divided by the court. Your assets can include your possessions and accounts, such as real estate and retirement accounts. Real assets include homes and property; these are physical or identifiable assets. Personal property is any asset other than real estate because personal property is movable, whereas real estate is permanently fixed to one location. Personal property can include furniture, antiques, artwork, computers, jewelry, collections and vehicles. Financial assets include checking accounts, savings accounts and retirement accounts, to name a few. A good family lawyer can assist you when it comes to dividing your assets during divorce proceedings.
There are two ways to protect your assets during a divorce: premarital asset protection and postmarital asset protection. Premarital asset protection requires a prenuptial agreement to be in place. The divorce courts in states accepting prenuptial agreements will uphold the contract if the agreement is fair and includes all relevant information about assets. If the court believes that one party was forces to enter into the agreement under duress or coercion, the prenup will be thrown out. A postnuptial agreement will help to protect your assets during the divorce process. The agreement typically includes all marital debts and assets, income and expected monetary gain. An experienced divorce lawyer can help you figure out what to include in a postnuptial agreement and whether the court will accept it.
Just as marital assets are divided during a divorce, marital debts are divided as well. If the couple cannot agree on how to divide their debts, the court will decide for them. The court will divide the assets and debts based on spouse's income, earning potential, and child custody. Unfortunately, even if your divorce decree assigns certain debts to your spouse, you may still be responsible for those debts. If one spouse fails to pay off debts, the creditor can still bring legal action against the other spouse for the full amount of the debts.
Determining marital property during a divorce is important. Marital property may include income, real estate, the family home, furniture and cars. Depending on the state, some property can be considered separate property by the court; separate property is not divided between the spouses. There are two ways the court can divide your assets. Community property law is when the divorce court divides all marital proeprty equally. Equitable property distribution, on the other hand, is when the divorce court makes property distribution decisions by what they consider to be fair.
Getting a divorce is rough on all parties involved. There are a lot of decisions during the divorce process your divorce lawyer can help you with involving your finances and assets. It is wise to consult with a good family lawyer in your area if you are thinking of getting a divorce. Our experienced Myrtle Beach family lawyer is here to help you through this difficult time in your life. Call The Mace Firm to schedule a consultation.
