Divorce is a tiring event which involves a number of complex issues such as preparing for the type of divorce, child custody, and child visitation rights, alimony and property division during divorce.
During divorce it would be vital to understand the manner in which you would handle property issues. The division of both property and assets is stressful. You can choose to divide property in the manner which would be most suitable. You can choose to divide property with the help of a mediator, on own your or with professional assistance.
Property is divided in two ways: community property and equitable distribution. Community property is where the property is equally owned by the couple. Under equitable distribution the assets and the earnings are divided equally between the couple. Equitable distribution is fair in nature.
When in the process of dividing property, you would have to seperate property into marital property and separate property. Separate property includes items which were accumulated before marriage. Separate property need not be divided during divorce.
Marital property is that property which was accumulated by the couple while being married. The court would assign a monetary value on the marital property. After the value is determined, the court would divide the assets equally between both the parties.
Marital property includes the house owned by the couple, vehicles which were bought while being married or pieces of valuable artwork which have a considerable value attached to it.
During divorce you must take the issue of property division seriously. You should be aware that most property division agreements are final. After a property agreement is made it would be difficult to alter the same. Requests in relation to reconsider property division are often denied by the court. The court would only agree to reconsider property division when one spouse has hidden assets, committed fraud or committed a mistake.
Be wary and cautious of hidden assets. You should be aware that your wife can hide assets or even undervalue assets. Common ways by which assets are disguised are in the form of custodial accounts set up in the name of the child; cash in the form of traveler’s cheques, retirement accounts, income that is unreported on tax returns and financial statements. You should work to get proof of these assets by either hiring a forensic accountant or a private investigator.
Be open about your own assets. You should make a comprehensive list of your own assets. You should always be honest and truthful in regard to the information you provide about your own assets.
Property division should take place in a manner which is suitable for the couple. Appropriate division of property would ensure that the division would take place in a manner which apt so that the couple wouldn’t face hardships in the future after divorce.