Dividing Property During Divorce
Before the court can grant a divorce request, couples are required to divide their assets and debts. Because of this, if you’re going through a divorce, you must understand how property is divided. Here are some factors that affect the division of property during divorce.
The first thing you need to consider when dividing property during a divorce is the applicable laws. If you reside in a community property state, the court will presume that any assets acquired during the marriage should be shared equally between the spouses. This means marital property is split evenly. However, in such cases, you can request the court to award separate property to you if it was property that you acquired before the marriage and you kept it separate during the marriage.
If you reside in an equitable distribution state, the court will divide property fairly between the spouses. This doesn’t necessarily mean a 50/50 split. The court categorizes property as either marital or separate before awarding portions to either spouse. You need to prove ownership of a separate property with receipts or any other admissible evidence.