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May 13, 2018 by admin

How are Assets Divided?

If you are considering divorcing your partner, you probably have questions surrounding the division of your property. The way that courts divide assets depends on the laws of the state that you live in. Many states use the “equitable division of property standard” in divorce cases. This standard is applied so that properties in a divorce case will be divided fairly and equitably, based on individual circumstance. Division of assets amongst divorce couples is not always evenly split, but it is always split as fairly as possible. Very few states use the community property standard in divorce cases. This standard ensures that assets are divided evenly in every divorce case, no matter the circumstance. California is a state that is known to use this standard. You should research your state and find out which property standard it uses; this will help you in pursuing your divorce case.

Identifying Marital Assets

If you or your partner received a settlement for a personal injury or are currently involved in a personal injury case, how the money will be divided is contingent on a few factors. If the personal injury case compensates you or your partner for lost wages, it is up for asset division in your divorce case as well. However, compensation for medical costs will not be up for asset division in your divorce. Marriage assets are assets that represent property accrued during your marriage. Marital assets are the only thing that can be divided in a divorce settlement. No matter which state you live in, this will always be the case. Property or assets that you or your partner have accumulated before your marriage started are not part of the division. If property is inherited by one partner, it may not be subject to division of assets. Likewise, if there is debt amongst you and your partner, it will most likely be distributed evenly amongst you two. If you or your partner went into debt before you were married, it will not be included in the distribution of debt and remain the responsibility of whoever accrued it.

Contact a Divorce Attorney

You should consider contacting a divorce attorney if you are thinking of divorcing your spouse. They can explain assets included or not included in the division, and can help you fight against your partner if they try to push for an asset you want to keep. A divorce lawyer in Bloomington, IL can further assist you in court, help delegate which assets you would like to keep or give up, and make sure that you get a fair division.

Thank you to our contributors at the law office of Pioletti & Pioletti for the above information.

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