Divorce is a difficult time in anyone’s life. It can be even more complicated when separating property, especially if there are young children involved. This article has five legal areas to consider when dividing property in a divorce, including things like debt and retirement accounts.
1. Who will get the house?
Your house may be your biggest asset, so it’s important to know who gets it in a divorce before you have one. It may surprise you to know that the house can’t always be split in half. The way the house is titled may determine who gets it at divorce.
The person who owns the house outright can give some or all of it to another spouse, but they may have trouble getting a mortgage lender to refinance. It’s also an emotional topic because many people view their homes as part of their identity. If you’re one of these people, you should talk with a family law attorney about how to best keep your home after divorce.
2. What will happen to the children?
Not all parents will keep their children in the same school after divorce. That’s because a child’s school district may be part of a larger district, and if the school district changes, the child will have to go to a different school. When there’s more than one child of the same age at different schools, it can confuse everyone involved. If your children attend private or religious schools, you’ll need to choose between staying with them or transferring them for their education.
3. How will debt and pensions be provided?
It’s important to know how much debt your ex owns, but it’s also important to know how much in retirement assets they have. You need to know how much money and property that spouse has before you can start dividing your assets and liabilities. And if a spouse owes money, it’s best not to divide it in a divorce settlement agreement. Letting a spouse pay off their debt outside of court can help keep things fair for both spouses.
4. How much should you split?
There aren’t hard and fast rules about dividing your property in a divorce, but there are some basics that you need to consider. For example, if one party made most of the money in the marriage, they’re expected to take on most of the debt. And if a spouse works outside of the home, they’re expected to take on more of the child care duties. Many different factors go into an equitable distribution, so it’s wise to talk with a family law attorney about your situation.
5. How can you keep it fair?
You’ve probably heard that divorce can be costly. That’s because court proceedings often involve lawyers, mediators, and more. You may also have to divide your assets in advance of a court hearing, or you may be asked to give your ex an allowance to pay court costs and child support. You’ll want to talk with a family law attorney about what you can do before the divorce so that you’re prepared for the legal process.
Keep in mind it’s not just about keeping it fair. It’s also about protecting your financial future from fraud or other legal harassment.
Divorce is never easy, but it can be made much more manageable if you do your homework and understand what to expect. It’s not just about keeping it fair. It’s also about protecting your financial future from fraud or other legal harassment. If you have a family law issue, a family law attorney can help you protect your assets and stay on good terms with your kids, no matter how difficult the situation may be.