The legal procedure of getting divorced is arduous as it also brings along the challenge of justly distributing the property amongst the couple. The court uses the equitable distribution law and the community property law.
Division Of Property In A Divorce
Apart from splitting the couple away, a divorce also demands the division of the property. The couple is required to show whatever pending debts and income they have in court. How is it done? There are two types of laws used to settle divorce distributions: equitable distribution and community property law.
Equitable Distribution Law
The property has to be equally distributed under the equitable distribution law. When it comes down to marital property, the requirement is to divide the assets between the couple fairly. The court tries to do the justice as much as possible. Bear in mind that this still does not give any assurance or guarantee that the court will equally do the division, but it is what usually happens.
Types Of Property That Are Divided In The Divorce
According to San Diego divorce lawyers, when filing a divorce case, property is divided into the following categories:
Marital Property
As the name suggests, the property is related to marriage. So whatever property and assets the couple purchased during their time of marriage, regardless of the fact on whose name the property is registered, is termed as marital property.
Example: If a house were purchased before things went off the track, the wife would remain entitled to the house despite having the husband’s name on the document. After divorce, the wife will own some value of the house.
Separate Property
The property brought before the lifetime commitment of marriage is referred to as separate or individual property. This means that this particular property has no connection whatsoever with the properties invested after marriage.
Example: If the husband has a car he got before getting married, it will be his separate property.
Furthermore, if one spouse gets any inheritance, even if they are married, it will still be counted as separate property. Do you have any personal presents? If they were gifted from your former spouse, then it is marital property; otherwise, the item will be included in the separate property list.
Separate and Marital Property: Can They Be Merged?
That’s a valid question, and as a matter of fact, separate property can be merged with marital property if the property is blended with marital property.
Example: If either of the spouses uses the money they had before the marriage to buy a car for the couple, that share of capital might become marital property.
Community Property Law
The community property law instructs that the majority of the property obtained during marriage will be jointly owned by the couple.
Can Court Proceedings Be Avoided?
Indeed, you can save time by avoiding going to court and waiting for the equal distribution of the property. Alternatively, you and your spouse can sit down together and list the entire property and assets you have. Refrain from hiding the property and assets to divide everything between you fairly. Calculate the estimated worth of each and every property to have a better understanding of how to tackle the division. If both find the formula problematic, then involve a third party such as a family law attorney who will serve the purpose of being a mediator.
The reason to do proper math here is to prevent a striking imbalance, as the judge will need your approval in evenly dividing the property, and the uneven figures might raise issues for you.
Conclusion
After a divorce, the division of property unlocks two doors of laws, equitable and community, that require the couple to show their total number of properties to be fairly distributed between them.
