If divorce is inevitable at present situation, you must be aware of the equitable distribution of property law of your country. The entire process of divorce is complicated and the facts like property division, child’s custody, etc. are more confusing. You need a family attorney who not only help you to get favorable result but also support you in this law pursuit.
Why equitable distribution of property is complicated?
It is true that dividing property is quite difficult during divorce, especially when it is about retirement money and pension plans, houses, rental properties, brokerage and bank accounts, stock options, business partnership, professional licenses, etc. Deciding who is getting what is not a simple task as there is something more than deciding the value of your assets at market. You have to understand the liquidity, tax implications and cost basis of the assets. Basically, you need to know the differences between separate property and marital property to claim your right.
Differences between Marital Properties and Separate Properties
If you own anything jointly after marriage, that will come under marital property. For example, if your house is on both of your names, that is your marital property.
In case of separate property, state laws differ from each other. Generally speaking, the following properties will be considered as separate property-
- Property or properties that any of the spouses owned before marriage
- Inheritance received by husband or wife before or after marriage
- Any gift received by any of the spouses from the third party
- Payment for any physical suffering in case of personal injury.
Now, if you join any separate property with your spouse after marriage, it will turn into marital property. For example, if you include your spouse name in the papers of the properties you inherit from your father that becomes marital property. How to get out all these confusions? You can hire an efficient divorce financial planner who can sort these things out.
The Essentials You Need to Produce before Court
While dealing with the property issues during divorce, you need to acknowledge the court with the following details-
- Duration of marriage
- Property or income brought into marriage by each spouse
- Financial condition of each spouse when divorce is happened to be
- Age, physical and emotional health of each spouse
- Standard of living after the marriage
- Contribution of a spouse in training or education of the other
- Child’s custody to give them a better life
As it is already mentioned that the whole process is very complicated, you should hire and consult a spousal support lawyer alexandria va to get the process done less painfully and quickly.