A divorce isn’t anything that someone looks forward to, but for some couples it is inevitable. The best way to handle things is to try to be amicable and willing to compromise without being unfair to yourself. A common question that comes up is who determines how to split the assets. The final judgment comes from the judge after negotiations between both parties. Ask these questions to your attorney to equip yourself with the knowledge you need to get through this.
What is Separate Property?
Separate property is something that one spouse has brought into the marriage, such as jewelry, automobiles or anything else of value. Separate property typically remains with the person who originally owned it.
Who gets the house?
Real estate is a tricky topic. If you can work out an agreement with your spouse for one of you to keep the property in exchange for an equitable asset, that can be done. If an agreement can’t be reached, you might have to sell the property and split the sale costs.
What about the car?
When it comes to a car the difference in who gets it depends on the state and who owned it during the marriage. You might have to sell it or exchange an asset to allow you to keep your vehicle.
Is my retirement safe?
It might seem like your retirement should remain in your hands, but this isn’t always the case. Depending on the circumstances, your soon-to-be-ex may be entitled to a portion of your 401 or another retirement plan.
Who pays debts?
Debts, such as credit cards and automobiles, typically need to be paid by the individual who the loan s name is in. Debts with both names should be split down the middle with each party being responsible for half of the amount.
Splitting assets may be one of the most difficult and stressful parts of the entire process. Make a list of everything that is up for dispute to ensure that there is a fair split. Call Thomas & Krail LLC attorneys at law to have experienced attorneys on your side to help you get the assets you should when the process is complete.
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