If you’re divorcing your spouse, you may be worried about how to handle asset splitting in divorce. The truth is, the process can be quite complex. Although it is possible to divide property between the two spouses, the court will not always make the best decisions. The courts will consider the specific circumstances of the divorce when dividing property. While most states use an equitable division rule, it does not necessarily mean that the couple’s assets will be divided equally.
The Court Will Consider The Marital Debts And Assets At The Time Of Separation
Before starting the process of asset splitting, it’s critical to inventory all of your assets. If one party hides assets from the other, it can cause the case to be reopened. Not only is this unethical, but it can also lead to penalties. To avoid a courtroom battle, it is vital to value each asset and debt. For the house, it may be necessary to hire an appraiser. It’s also important to keep in mind that a judge can award 100% of the property to the spouse who deceives.
The court will consider the marital debts and assets at the time of separation. However, changes in value may occur between the time of separation and the distribution. The court will split divisible property equitably. A divorce is not a battle between two people – it’s a matter of the state’s property ownership system. You’ll want to be as neutral as possible when you go to court. You should also remember that the state’s property ownership system takes precedence over drama and emotion.