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Dividing your assets is one of the most difficult aspects of the divorce process. Many couples accumulate assets and property during their marriage, so when the marriage ends, it’s important that each individual gets their fair share. Often, there can be disagreements surrounding which person should get which assets.
Sentimentality and emotions often make their way into these negotiations. Many people don’t realize how attached they’ve become to their belongings. Even if you haven’t lived in a home for very long, it’s normal to feel possessive over your space. The idea of selling it and splitting the profits can be traumatic for some families.
If you’re navigating property division in the Denver area, it’s important to have legal representation that can help. Our team at Woody Law Firm, LLC is here for you.
Here at Woody Law Firm, LLC, we practice only family law. This means that all our experience directly benefits your property division case. We’ve handled cases like yours before, no matter what circumstances may apply to your situation. However, our experience does not prevent us from personalizing our advice to your unique situation. We always take the time to listen to your point of view and provide personalized legal advice that will best achieve your objectives.
We know how difficult property division can be, which is why we approach all situations with humility, compassion, and patience. We are here to support you during your divorce, property division, and any other family law issue that may arise in the process.
Property division is an aspect of the divorce process. It involves splitting assets between the two members of the marriage so that both may start their new lives with financial support and assets.
The process of property division does not only deal with property in the sense that many people understand. The term “property” does not only apply to homes and land; it applies to all assets that you hold. This includes:
Overall, the value of the items given to each spouse must be equal to one another. The property division process ensures this.
The property division process is complicated. Many people become emotionally attached to their belongings. Regardless of attachment, no one wants to leave a marriage with less than their equal share of assets.
Unfortunately, the property division process is not always fair. Your spouse may hide assets from you and from the court in an attempt to keep more for themselves. If they get away with this, you can miss out on a significant portion of your settlement.
Even if your spouse discloses all their assets, they will try to take more for themselves. With the help of their attorney, they will likely argue that they deserve a larger portion than they truly do. If you don’t have an attorney to refute these claims, they may end up with more than is fair.
There is often a lot at stake in property division cases. No matter your role in the home, you played a part in building your family’s assets. You deserve a share of what you built so that you can navigate your new family situation with a bit of a financial cushion.
Many people forget that property division does not only include assets; debts are also included in property division. You may inherit some of your ex-spouse’s debt during this process.
The debt that gets divided is generally that which you acquired as a couple. This includes:
Overall, you can expect to remain responsible for half of all outstanding debt acquired during your marriage. Separate debts, such as personal credit cards, student loans, etc., will likely remain with the individual who acquired them.
All debts acquired during your marriage must be assigned to one spouse or another. The court does not allow for both spouses to continue to pay all debts equally. Instead, the debts are divided and given to one spouse or another. For example, you may be responsible for the credit card bill, while your ex-spouse is responsible for car payments.
It’s important to note that just because your ex-spouse is responsible for a portion of the debt doesn’t mean that you’re not liable if they don’t pay. Credit card companies, for example, can come after you if your ex-spouse doesn’t make payments on a shared card. This is even true if the court decides that that particular debt is their responsibility. If the debt is under your name, you are still responsible if your ex-spouse fails to pay.
Fortunately, when you go through the court system, you can take legal action if they don’t pay their portion of shared debts. Therefore, it’s essential to divide your property with a qualified attorney and through the proper legal channels.
One key part of property division is assessing the value of all your shared assets. This ensures that both parties get their fair share. Because your assets likely won’t all be in savings, you may need to have your items appraised to ensure the value is accurate. This is especially true if you and your spouse cannot come to an agreement on the general price of an item. An appraiser can help to settle any controversy and help ensure that the property division is fair.
Property division is an incredibly difficult and emotional part of a divorce. It’s difficult to part with your belongings and assets, especially if you were careful in selecting and purchasing them. What’s more, you and your spouse may get into arguments over who should get which items. Overall, many couples experience significant stress during this part of the divorce process.
Woody Law Firm, LLC is here to help you navigate this process and ensure that your settlement is fair. Our experience in the field makes us well-positioned to help your family. You can contact us online to set up a consultation or ask any questions that you may have.