When a couple decides to separate they face the task of dividing their shared property. This can include belongings, household items, property, investments and retirement accounts. There are two options for resolving this; creating a property settlement agreement together or taking the case to court. If it goes to court a judge will make the decision on how assets and debts will be divided. This article provides an overview of property division during divorce proceedings, including how courts determine if an asset is considered marital or separate and the factors taken into account for that determination.
In determining whether an asset is marital or separate the court considers factors such as the length of the marriage, each spouse’s income, how the property was acquired (whether using joint funds) and its ownership status. The court also assesses the value of each asset at separation and any changes in value since then. While marital property is often split equally between spouses there may be exceptions to this rule.
Separate property refers to anything that one spouse obtained before the marriage, any gifts or inheritances received by either spouse and any compensation received by a spouse, from civil lawsuits for injury or loss. However separate property can become property if it is mixed or combined with assets. For instance, if a couple uses a joint bank account to pay bills and deposit earnings the court may consider the money in that account as property unless there is evidence showing its origin.
During the divorce proceedings, the court will carefully examine all the assets and debts in your household. This includes joint accounts as well as individual accounts, properties (including holiday homes and cabins) vehicles, jewellery, any movable items with legal titles like stocks and bonds, valuable collectibles such as coins or antiques and even the contents of your safe. Additionally a judge will also review your debts like mortgage payments on your house, car loans and credit card debt.
It is crucial to be truthful during the property division process, by providing a list of all your assets. This ensures that all assets are fairly divided in the end.
It’s an idea to consider hiring a family law solicitor For Family Law Gloucester, contact deeandgriffin.co.uk/ These experts have experience dealing with assets and can diligently investigate to safeguard their clients interests in the future. There may be situations where they suggest engaging an accountant, which could be expensive but is definitely worthwhile.