Property Sharing in Divorces

Divorce, Family Law, Mark Schondorf, Northbrook Attorney

Property sharing in divorce is a tricky issue. In marriages, it is sometimes not always clear who owns what. Asides from marital property, personal property, inherited assets, and retirement funds may come into play. 

Dividing properties does not happen based on a formula, except you and your spouse entered a prenuptial agreement. If you didn’t sign a prenup, you could still decide who gets what. However, in a case where both parties cannot go to an agreement, the court may take over. 

It would be best if you had an advocate who can work hard to ensure you receive what you deserve. Our family law attorneys are experienced and reliable; contact us here. 

Property Division Post Divorce 

There are many ways splitting properties could go. You could decide to divide all properties equally, but it will not be so simple. This is especially true if one individual has more financial resources or more valued assets than the other. Parental responsibilities may also be considered in asset division. For example, the party with full custody may be allowed to keep the house as a reasonable provision for their responsibilities. 

Depending on your state, the judge over your case may follow a procedure called “equitable division.” This means the judge will decide how to divide your marital assets and debts based on what they deem fair in the case’s specific circumstances. It does not imply that the assets will be divided equally. You should know that it is not arbitrary, however. State laws put other factors such as debts and income level, whether one spouse has been more responsible for the children or left the workforce to raise their children into consideration. Other things like health, age, employability, and tax considerations are also factored in. 

For marital assets like houses, property division may be even trickier due to the emotional attachment to them. If you have children, it will even be worse. Beyond who gets the property, the other party may have to leave home. If one partner owns the property exclusively, things like child custody, support, and alimony may affect who gets what. If you are not willing to let go of it to your spouse, you can either choose to buy it from them or refinance the mortgage and get your name on your deed. But this is never really that simple due to liquidity and such issues

Like with the other elements in divorce, dividing property is a tricky thing, and this is why you need an expert family law attorney. They will provide legal advice to protect your interests and negotiate on your behalf should it be necessary. You most likely are not aware of your full rights as to marital property division, so you need someone who does so you are not cheated. With a good divorce lawyer, you take away the complexity of the whole thing and get a more satisfactory outcome. 

Need a family law attorney? We have decades of experience in helping families through the difficulties of divorce. If you need to talk to someone about the prospects of dividing your property after divorce, contact us here.