Monthly Archives: October 2016
One of the many issues that need to be resolved in a divorce case is division of property. Before they got married or even during the marriage, married couples may have acquired properties either individually or as a couple. When they decide to file for divorce, the court will have the enviable task of dividing the properties that the couple possesses. According to the website of Marshall & Taylor PLLC, the process of dividing the property can be difficult.
There are certain rules that need to be followed when dividing a property in a divorce case. In deciding who gets which property, the judge will always ensure a fair property division. Some will divide the property equally while others will go about with property division in a different way. If one spouse is deemed at fault for the marriage ending, the properties may be divided unequally.
Marital properties that were acquired or earned during their marriage regardless of whose name is on the title will be divided during divorce. On the other hand, separate property which was acquired before the marriage is excluded from the division. If the separate property gains value by itself, it is also considered as a separate property. However, there are instances when separate property can be divided in divorce and they could be the following:
- The other spouse has a contribution in acquiring the property, improving it, or growing it
- The other spouse’s share of the marital property is not enough to meet the needs of that spouse
There are instances when separate property can become marital property. If said property gained value during the marriage because of the efforts of either spouse, the increase in value becomes marital property. Likewise, if the separate property is regularly used for marital purposes or placed in a joint bank account, the separate property then becomes marital property.
Once the issue of property division has been settled, there will still be a need to transfer the title of the property to the new owner.Read more