Thursday February 10, 2011 16:06
When To Seek A Property Division Attorney
Posted by Gustavo Fouler as give me bones
When people are married, they rarely think about how the property that is accumulated during the marriage will eventually be split up, but in at least half of all marriages, that property will be split up eventually. From the real estate you have, to your investments, your retirement accounts, your savings and investments accounts, jewelry, and even money that was won or inherited will have to be dealt with when it is time for a divorce. Although it mays seem extremely cut and dry as to what the laws are regarding property division, in most states it is terribly complicated and you will need a property division attorney to help you figure it all out.
Of all the parts of a divorce, the division of property is often times the most time consuming. After even just a few years of marriage, a couple usually has amassed many items, including property, vehicles, and financial accounts that will need to be divided. The laws regarding property division are fairly easy to follow, but because there are so many ways to circumvent the laws, the hiring of a property division attorney could really save you a lot of money and time.
There are several factors that go into determining who gets what after a marriage, and much of it depends on which state you are living in. A property division attorney who is experienced and qualified in your state will be able to give you details as to the specifics of the laws, but for the most part, they come down to a few issues.
In most states, all property that is obtained after the marriage is divided equitably, regardless of the salaries that each person brought in. some states require that the property be split equally, which is slightly different and may in fact require the selling of homes in order to make that happen. But, a property division attorney will be able to tell you if that is so in your state.
First of all, the property that you came into the marriage with is usually yours when you leave the marriage. Unfortunately, it is not always that cut and dry. There are some instances, especially when there is a growth in the value of the property such as in real estate that the property will have to be sold in order to be divided. A property division attorney can give you options if that is the case.
When you first meet with a property division attorney, you should have a list of all property that you and your spouse own, including but not limited to real estate, bank and brokerage accounts, retirement accounts, vehicles, large ticket household and electronic items, collections, or any other items of considerable value. Your spouse will be providing a similar list which will be used with yours to create a master list of property that needs to be divided.
If you had a prenuptial agreement signed before your marriage, then the rules that are in the agreement will apply as long as they do not break the laws of the land. In general, prenuptial agreements do hold up in a property division hearing, but not if they are denying the rights of one of the parties. So, keep that in mind when you are drawing up the prenuptial.
Learn more about a Family & divorce lawyer Orange County. Stop by our site where you can find out all about a Family & divorce lawyer Orange County and what we can do for you.