Many people understand what it means to divorce and may even have taken the necessary precautions beforehand to limit their losses and liabilities. However, one should still see out the services of the best divorce attorneys available and that they can afford.
When we look at the coverage of high-profile divorces, one of the first things that comes to mind is the huge settlements paid or received. From there the concern becomes: how will the property and estate be divided? Am I going to get my share or will I have to walk out with nothing? Being familiar with the terms used when discussing the division of property with your divorce lawyer is critical.
Property is the combined assets and liabilities with profits occurred while married. This includes but is not limited to:
- Personal property such as clothes, books and photos
- Real estate
- Cars
- Businesses
- Concealed assets and debts
- Trust funds
- Investments
- Pensions
- All bank accounts
- Credit cards
- Custody of the children
Communal or community property
This is the property acquired while married. It may incorporate all of those mentioned above or only part thereof.
Separate property
Property owned before or acquired while married, but is the sole property of one of the partners. These often include inheritance, insurance payouts or things owned by a spouse before the marriage occurred. These may also include large assets, pensions and businesses. It may also be defined as property purchased during the marriage with a spouse’s money In some instances these assets may become communal if paid with joint accounts or funds. Many of the best divorce attorneys will be able to inform you of the relevance of any such large assets and whether or not they would be included in the final settlement, or if they are rightly yours.
Equitable distribution
Equitable does not mean equal, many make this mistake. Equitable means the fair distribution of property. Therefore the distribution may still be unequal but considered fair by the law.
The basis for deciding this includes:
How long the couple has remained together?
Are there any prenuptial agreements?
The ability to earn an income, age health, contribution towards the marriage.
The debts and liabilities of the union.
These distributions are often on the forefront of the settlement, and are final once the divorce is complete. However the issues of custody, child support and alimony are ongoing issues, along with visitation rights. Only the best of the best – top divorce lawyers – will be able to skilfully handle all of these issues with ease and help you to get what you want in terms of settlements.
As difficult as it may be, one should try to remain in a business like frame of mind when proceeding through divorce. The slinging of mud and acquisitions only serve to complicate the matter, and possibly weaken your ability to settle fairly. Even the best divorce attorneys cannot help with the division of property and assets when the parties involved cannot remain rational. There are compromises to be made in every divorce, so be willing to make them so that you can complete it sooner than later.
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