Going through a Divorce can be a daunting and emotionally draining process that usually brings about fights and hostility that no one wants to go through with their former family. One of the primary reasons for these arguments amongst divorced or divorcing couples is the distribution of assets after divorce, or the question most people find themselves pondering: can I keep my assets in a divorce? This blog will go over what you can expect when dividing assets in a divorce, how to find a good divorce attorney that suits your needs, and if you need a lawyer to finalize your divorce.
Understanding Equitable Distribution
Evenly dividing all accrued marital assets and debts during a divorce is the process legally known as Equitable Distribution. It’s important to note that, just because it is an EQUITABLE distribution, does not mean that it’s an equal dividing of the assets from your marriage. Rather, it’s a fair division based on a couple of factors; length of the marriage, each spouse’s contribution, and the financial situation or need of both parties.
One of the most significant assets in a marriage is often the family home. If you want to keep the house in a divorce, you typically need to buy out your spouse's share of the property. This buyout may involve refinancing the mortgage or using other assets to compensate for your spouse's portion. The value of the house and your financial situation will play a crucial role in determining the buyout amount.
Keep in mind that if keeping the house isn't financially feasible, you may need to consider selling it and dividing the proceeds according to the equitable distribution formula in your state. For this, you should always consult with an experienced family law attorney, to make sure everything is done procedurally.
Debt is another aspect of the marital estate that needs to be addressed during a divorce. When it comes to debts incurred during the marriage, the general rule is that both spouses are equally responsible for it, regardless of who incurred the debt. This means that if you and your spouse accumulated credit card debt, student loans, or any other liabilities during your marriage, both of you are on the hook for 50% of the total debt. However, anything that was incurred before the marriage belongs solely to the owner of the debt. For example, let's consider a student loan: if you or your spouse took out a student loan while you were married, both of you are responsible for the balance. But, if the student loan was acquired before the marriage, your spouse is not liable for the initial debt; however, any interest accrued on that student loan during the marriage may be subject to equitable distribution, and your spouse might be responsible for a portion of it.
Navigating the ins and outs of asset division in a divorce can be challenging but understanding the concept of equitable distribution is crucial. Remember that equitable doesn't always mean equal, and the outcome of asset division depends on various factors specific to your situation.
Whether you're looking to keep a valuable asset (like a house) or need to address marital debts, getting a consultation with an experienced and knowledgeable family law attorney is always beneficial so that you can understand your rights and what assets you can save in your divorce.
