If a couple
decides to have a divorce then they also need to decide about their property.
This is a very vital subject of divorce. The conjugal property needs to be
divided among the two owners. But, there are some states which allow the couples
to keep the non-conjugal property with them. Non-conjugal property includes the
following:
·
Inheritance
·
Business(es) owned
·
Gifts received before marriage
However, if
the non-conjugal property is combined with the conjugal property it may or may
not become part of the marital property.
There are
instances where a couple divides the property without the need of a lawyer.
But, the final contract regarding the division of property needs to be passed
by the judge. Basically, the judge has the final say on whatever the couple has
decided with regards to their property. However, if the judge or court thinks
that one individual has a greater share of property, then the judge needs to
investigate this matter to make sure that no one is taking advantage of the
other party. If the couple was not able to decide on the property division,
then the argument needs to be taken to the judge.
The one
divorcing should create a list of property which includes parity in the estate,
other real property that includes marital estate, business property, personal
property which includes home furniture, rental property, undeveloped land, sole
proprietorship, professional practices, vacation home and others.
Under the
financial assets this includes the retirement benefits, hidden assets and
debts, bonds and funds, and stocks. Once listing the property is done, the
couple must then estimate their property value and deduct the debts and then
divide it equally between themselves. In case the couple was not able to solve
the property issue then the court will make a final decision.
Property can
be classified as community property and equitable sharing. The court divides
the property by awarding a particular percentage of the total worth of property
to both parties. The community property is the property of a married individual
that includes all the earnings acquired during marriage and all the things
purchased by those earnings.
Earnings and
assets acquired during marriage are equitably and fairly shared among the
couple once the divorce is granted. The debts as well as other monetary obligations
are likewise divided equitably. The separate property stays separate after
divorce and is given to the owner of the property.
Another
essential concern during divorce is that who among the couple will have the
right to stay in the house. The spouse which has more time for their kids will normally
have the right to live in that house once the divorce is granted. In case they
don’t have children and the house is a conjugal property then no one has the
right to force the other to leave the house since they actually have the same
legal right to stay in that house. If it involves marital violence as well as
other important issues then the court can take the concerned individual out of
the property. However, if the house is a property bought before marriage then
the owner will have the right to stay in the house.
Other Links - http://divorcepapers.livejournal.com/665.html
No comments:
Post a Comment