The process of divorce can rarely be called peaceful. When leading a joint-life, people accumulate plenty of possessions. During the divorce process, the high time to divide it comes. It is not sharing your sweets with your best friend. Unfortunately, nobody is unwilling to lose something that, in his or her opinion, undoubtedly belongs to him.
Separate and Joint Property
First and foremost, not all matrimonial property belongs to both spouses. There are separate and marital or common assets. Let’s take a look at a situation and identify what is separate property.
A wife possesses a detached house, which she inherited after her mother’s death. The house was in poor condition and need of renovation. With united effort and a ton of investments, a couple managed to bring it back to life and turn it into a comfortable accommodation.
In the case of divorce, the other spouse will have certain rights for that estate. However, if the house not renovated, the wife would be a rightful owner of it. Therefore, everything that a spouse owned before tieing the knot will belong to him or her after ending the marriage.
Everything is a bit more complicated with marital assets. Theoretically, it must be divided in half between the two parts. But life is life, and in practice, it does not always happen in that way. Debts usually come with the property. For instance, the husband may get a house and a mortgage, while a wife can get a car and a retirement account. It is also possible that some property sold, debts paid off, and then the leftover money is divided fifty-fifty.
What can marital assets include?
- Any vehicles(cars, RV’s, etc.);
- Retirements accounts;
- Investments, stocks;
How Can the Fate of Your Assets Be Decided?
There are three methods you can use to share the assets:
Couples can rarely handle each other’s presence in the same room in the wake of divorce. But if you are patient enough, then go ahead. Compile a list of all your possessions. None of you must hide any skeletons in his closet. Does it have any secrets and reluctance to unveil them? It will inevitably come to light and have severe consequences in the future.
Naturally, dividing property is challenging, conducting on your own. The mediator can help you get an objective view of your matter. However, it is not the best bet if you have any personal family issues, for instance, domestic violence. As compared to court proceedings, it is a relatively quick process and more of an informal approach. What is more, it costs lower than a court lawsuit, and it is more confidential, meaning that your agreements and disagreements will be left between you two and a third party.
- Apply to court
All the court hearing can drag on for a few months. Each spouse’s presence at all court hearings if obligatory. So you will have carved out some time for every hearing. Using all the evidence heard and peculiarities of your particular case, the court will carry out a decision considering the following factors:
- children and their welfare;
- the current capital, each party’s income, common resources, and earnings;
- financial needs and obligations of each party; mental or physical incapacity of the parties;
- each party’s contribution to the improvement of living standards;
- the loss of any benefit after divorce.
How Is Property Divided When Filing For Divorce Online?
There is no research required to claim that filing divorce documents with OnlineDivorcer is quick, easy, and less stressful. Unquestionably, this option is more suitable for couples with no personal family problems. To illustrate, if there are signs of domestic violence or aggressive behavior, it is better to resort to court or solicitor.
When completing a questionnaire on the website, you will have to include your decision on the property division. It is OK if you have not arrived at a common conclusion yet, as you can send that information later.
How to Deal With Debts During Divorce?
To begin with, what kinds of debt are there?
- Student loans;
- Personal loans;
- Credit card debts;
- Car loans;
- Medical debts;
- Business loans.
The win-win strategy here is to pay off your debt before finalizing the divorce. To avoid excess nerve tackling, choose this strategy. It may be illogical for particular situations, as paying off house mortgage or car loan in a short period is an unbearable pressure for the couple. Another variant is not to have joint credits.
A divorce won’t save one spouse from the credit of the other one. Try to get debt in the name of the spouse who is liable for taking it before divorce finalized.
Beware of your spouse filing for bankruptcy. When one ex-spouse files bankruptcy to get rid of debt, it doesn’t dissolve in the air like magic. It merely means that this person is no longer responsible for paying it off. The creditor will pursue the other spouse to put that debt on him.
The process of property division can lead you to pull your hair out because of stress. But don’t let this happen. Be prepared, lead a civilized conversation, and always be on the lookout.