Asset division in divorce cases is a significant area of concern. In most states, there’s no automatic answer; rather, it depends on what happens during your divorce proceedings and how many disagreements arise over other issues. So while some divorces might become very amicable – especially when few assets or children are involved – others might create friction and require formal negotiations with attorneys over money or other property (for example, custody agreements). In general, couples can agree to split their property or marital assets. However, if they cannot agree on this outcome or there is no agreement, the family court has to make decisions. Each partner typically owns half of all marital property and liabilities at divorce.
- House ownership and divorce:
Lawyers call this division of property and liabilities “equitable distribution.” Typically, couples getting divorced are more likely to agree on at least sharing equally in their assets and liabilities than they are to be able to agree on anything else. In general, neither side will want the family court’s intervention because of the considerable amount of time and money that can go into family law litigation (lawsuits). Plus, for the most part, both partners will want to avoid having custody of any children or being responsible for paying support for any children that might arise from their divorce. As a result, couples that cannot agree on how they want to divide their assets and liabilities at divorce may end up proceeding with litigation instead.
- Buyout of the house:
In some situations, couples can choose between staying in their house with the hopes that their marriage might end in divorce or, instead, selling their house and all of its contents to purchase a new home. If they choose this option, they typically receive a cash payment from their house that both spouses often use to pay off all the debts each owes (including accounts such as credit cards and student loans). Often, one spouse will be responsible for paying off the mortgage on the house or any home debt. You will want a Corona family lawyer who has worked with these situations before and knows how to deal with them and bring them to a satisfactory resolution.
- Sell the house:
If none of the partners wishes to stay in the house or cannot afford it, it is best to put up the house for sale. It might be difficult for the parties involved because of so many memories associated with the house, but then it is in the best interest, and both parties can use the money they get after selling the home.
Usually, for married couples in which the husband is the sole homemaker, only the husband owns half of all assets in a divorce. If there are joint assets that both spouses own, though, they are typically split between the two of them (usually 50/50), giving each spouse 50% ownership.
In short, couples that divorce through agreement divide all assets and liabilities equally. If they cannot agree on how property and liabilities shall be divided, either spouse may have to proceed with litigation to have the court decide. Usually, though, a way out can be found by people through deal making with an attorney specializing in family law.