Divorce is a difficult time emotionally for everyone involved. And the added burden of dividing your assets can become nightmarish as you have to be worried about so much more than just your relationships and family. Dividing up assets is especially hard when significant assets are involved, like houses, stocks, businesses, properties, and pensions or retirement accounts.
Even in ideal situations where the divorce is amicable, the division of assets can be a pain. Things get even more complicated when the divorce is hostile or contentious. In an amicable divorce, the couple could split their assets 50/50 or work together to decide who should get what. In contentious divorces where a split can’t be decided upon, lawyers and attorneys have to get involved and negotiate terms in a court in front of a judge, who will then decide who gets what.
Divorce and Estate laws vary from state to state, so to understand all your rights exactly, you are recommended to contact a reputable attorney like William Schantz, who can guide and help you in all the ways necessary.
Division of Assets
You need to know if your state is a Community Property State or an Equitable Distribution State. In a Communal Property State, the law considers both partners equal owners of their marital properties. In these states, a 50/50 split is usually the rule.
For the Equitable Distribution States, the division of assets doesn’t have to be equal, but it needs to be fair. There are lots of different factors taken into consideration to gauge what really is ‘fair.’
There are no rigid rules that apply in a court when considering the division of assets in a divorce, but a few factors that are taken into consideration are as follows;
The welfare of the children
If and when dependent children are involved in a divorce, they are the first thing the court considers. This means providing the children a home, which means the person who will be taking custody of the children, could possibly receive a bigger percentage of the assets involved. This doesn’t mean the other spouse gets overlooked completely, but the court tries to balance the needs of both parties while making proper arrangements for the children. To know more about how division of assets takes place during divorce, get in touch with William Schantz, a renowned attorney.
Parties’ ages and the length of the marriage
The court considers the length of the marriage in the event of a divorce. Longer marriages usually result in a 50/50 split as both spouses contribute equally to marital assets. With shorter marriages, the court gives more weight to capital contributions before dividing the assets.
Parties’ financial needs, obligations, and responsibilities
The court then looks at the financial needs of both parties. This includes the finances needed for re-housing as both parties need a house over their head. As stated before, this is especially considered for the custodial parent if children are involved. The courts will ask both parties to estimate their monthly financial requirements to help decide who gets what.
These are just some of the things considered when deciding how assets are divided in a divorce. If you need any advice or help with divorce-related matters, contact William Schantz now, and we will be happy to discuss your circumstances in detail.