While a divorce symbolizes the legal recognition of the end of a marriage — and a couple’s decree that they can no longer be together — there are also many other matters that need to be dealt with to ensure that the divorce is finalized and complete. Just one of these issues is property division, a topic that can be stressful and divisive between the two people who are filing for divorce.
It doesn’t have to be this way, but the topic often goes in that direction. So, what is there to know about property division?
First and foremost, go into this topic with an open mind. There are many things that can be dealt with in the property division process that many people may not even think qualify for property division.
For example, debts can actually be divided up in property division. This can either burden or free one of the spouses of the debts they are associated with.
It’s also important to realize that some items that you think would be part of the property division process actually are exempt from the process. For example, certain gifts are exempt from property division consideration.
There are even different laws from state to state dealing with property division. Community property and non-community property are two of these umbrellas of property division laws.
The ultimate lesson here is that property division can be complex. It inherently deals with many important items and assets. Don’t go into this process alone. You need to consult with an experienced family law attorney during divorce.
Source: FindLaw, “Divorce Property Division FAQ,” Accessed May 28, 2015