People preparing for divorce typically want to safeguard assets for the future. They often need help negotiating with a spouse or preparing to present their case in family court. In many divorces, spouses can retain control by reaching an agreement with one another.
Divorcing spouses have the option of settling property division matters in a way that they both feel is appropriate. If they cannot reach an agreement with one another, then they can take the matter to family court. A judge has the authority to divide marital property and debts based on what they think is appropriate.
What are the rules that govern property division during contested divorces?
There is an assumption that an equal split is fair
The property division process begins with full financial disclosures. Spouses need to inform one another and the courts of what property they own and what debts they owe. From there, the judge can review the situation and make determinations about what may be reasonable and fair.
State statutes indicate that judges should begin the process with an assumption that an even split of assets is fair and just. However, they can modify the division of assets based on various factors. Judges may consider the length of the marriage when deciding how to divide marital property. They may also consider the health of each spouse.
Their separate property and earning potential are key considerations. The judge may also review the contributions that each spouse made to the marital estate. Paid contributions and unpaid contributions, such as providing child care or housework services, can factor into the final determination about what is fair and reasonable.
A judge can award property and debts to either spouse. They can order the sale of assets so that spouses can divide their value. They can also factor child support and custody matters into property division choices. Ideally, when looking at the totality of circumstances, a judge strives to set fair and reasonable property division terms. Predicting exactly what a judge may find appropriate and fair can be relatively difficult.
Those who feel strongly about securing specific terms may benefit from settling property division matters with a spouse. Learning about the basics of state divorce statutes can help people protect their finances and prepare for the future during a divorce.
