Posted on: 22 March 2021Share
If you are planning to get a divorce, it is critical to understand the importance of dividing marital assets. This is often a part of the divorce process that causes the most disputes. There are laws that govern how marital assets should be divided. Marital assets are the assets that were acquired during a marriage. Couples who do not have many assets need to take an inventory of their assets just like couples with many assets. This will ensure that the process is fair. Sometimes couples are amicable and can ascertain who will get certain things. The following points will help you understand some commonly overlooked assets and some of the rules surrounding the division of property.
You may have never thought of your pets as being an asset. However, courts view them as marital assets. There is often a lot of emotional attachment to owning pets. Both spouses may want the pet or pets for this reason. There are two potential outcomes. The court may decide to award the pet to one spouse, which will likely be the spouse who provides the most personal care to the pet. Another outcome could be joint custody. This would mean that the spouses would have their specific time schedule to keep the pet.
During a divorce, finances need to get disclosed. Spouses cannot leave anything out. Credit cards, retirement accounts, savings accounts, and income, including income from odd jobs, has to be disclosed. Failure to disclose certain assets or attempting to hide them is illegal. Mediation is a viable way to discuss and disclose assets. It can also be used as a tool to come to an agreement about who will get which assets. A divorce lawyer can assist with mediation if spouses cannot reach agreements. Each lawyer can help with the process and aid in helping with the disputes. If an agreement cannot be reached, a judge will need to decide how the marital assets will get divided.
A divorce attorney is a good resource to use to learn more about marital assets division. They can help you list your marital assets and ensure that you have a thorough list. This can aid in ensuring that the property division process is fair. It is important to understand that gifts that were given to one spouse can be excluded from the property division list. However, if the other spouse disputes and claims that the gift was intended for both, proof that the gift was intended for one spouse will be required.
To learn more, contact a resource like North Metro Litigators.