Dividing Assets in Divorce: What You Need to Know About Property Settlement

The first step when dividing assets in divorce is to make a complete list of all of your property. This list should include all of the items that you and your spouse own together, including your home, vehicles, bank accounts and other financial investments such as stocks and mutual funds. It should also include any valuable collectibles or valuable antiques that you and your spouse have.

You need to make a complete list of all of the assets you own because the court will want to see it in order to decide how those assets are to be divided. You can do this on your own, or with the help of a divorce lawyer in Miami.

When determining what is marital property and what is separate or non-marital property, the court looks at a lot of things, such as how much each party contributed to the marriage, how old each person was when the marriage started, who has custody of children or if the spouses are eligible for pension benefits.

Marital property is the property that a couple owns after their marriage, including things like money, cars, boats, houses, collections, furniture, antiques, stock options, businesses, retirement accounts and pension plans.

Unless your prenuptial agreement says otherwise, all of these things are considered marital property and must be split in a divorce. You might be able to avoid a judge dividing some of these things if you can prove that you have a significant amount of separate property.

Once you have made a complete list of all of your assets, you should start to go through each item and see which ones you can agree on dividing. Having an agreed-upon plan of action can help you prevent a lengthy and expensive process in which the court determines how your assets are to be divided.

If you cannot come to an agreement with your spouse, then you can apply for a court order that will force you to disclose your assets and attend mediation so that you can try and reach a settlement on your own. This is often the best way to avoid costly legal action and keep the lines of communication open between you and your ex-spouse.

When it comes to property distribution, the law can be confusing. Some states have laws that classify all of your assets as either community or separate, and you should be aware of what those are so that you can make a strong case for how they should be distributed in your divorce.

Other states have laws that divide property equitably. These laws mean that assets and earnings accumulated during the marriage are divided in a fair way. Usually, this means that each party gets about half of the total value of all assets and earnings.

While you should do your best to come to an agreement with your spouse, it can be difficult. The only way you can be sure that your assets are fairly distributed is to have an experienced lawyer represent you.


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