Divorce: How to Divide Property
Dividing property during divorce is never easy. It can be a contentious process, and you should try to work with your spouse as best you can to make the process more amicable. If possible, it’s also important that you understand whether or not your state has adopted community property laws before beginning the conversation of dividing assets. For those who are unfamiliar with what these laws entail, they dictate that all marital property will be divided equally between spouses – no matter which spouse owns said asset. A divorce advocate in bangalore will help you divide your property.
You should also be aware that you have the option of entering into a prenuptial agreement with your spouse before marriage. If an agreement is not made, it’s possible for one person to claim they were economically dependent on the other and receive more assets during property division as a result. In order to learn how this may affect you personally, speak with a family law attorney in your area who can help answer any questions you might have about what types of agreements are available to protect yourself or reduce conflict in divorce proceedings.
Another option is to decide who will keep which assets before your divorce is finalized. In order for this process to be successful, both parties must agree in advance on the property that each will get when they separate.
The couple could sell their home and divide up any proceeds from the sale equally or by percentage of ownership (based on what the house was worth). One spouse might give a valuable asset to another as part of an agreement.
In any case, the division of property should not be a one-sided conversation. If you’re both willing to work together and offer up your best ideas for how assets will be divided during divorce proceedings, it can serve as an opportunity to start fresh with someone new.Read More