Tuesday, February 11, 2014

How is property divided in divorce?

What is “Property” Anyways?

When it comes to property, many people can think of real estate, bank accounts and jewelry. As a matter of fact, legally, assets actually includes assets, liabilities, and income.Assets include not only real estate, bank accounts and other tangible valuable stuff, assets also include retirement accounts, accrued sick and vacation pay, intellectual property such as patents, trademarks, and copyrights),  stock options, businesses and business interests. Liabilities include any kind of debt such as a mortgage, student loan, credit card debt, tax liens, car loan, etc.
Who Gets What?
The law will not intervene couple’s mutual decision if there is one.  All is fair in love and war, right? However, unfortunately, in many cases, spouses fight about their properties so hard that they make each other a hell. There is a saying, you see the worst side of a good person in divorce proceeding. If spouses fail to reach an agreement, the judge will decide for them. The judge will not divide 50-50, neither will the judge will consider who is at fault in the divorce. The judge will hear the facts and determine the scope and value of marital assets and divide accordingly. It is important to note, once the judge decides upon the division of property, it is final, there will be no way to change. 
How Expensive Can Divorce Be?
We all have heard nightmare-creating divorce battle where all money seem to have all gone to divorce lawyers as the battle dragging along. However, you don’t have to hire an attorney if you can manage to reach a marital dissolution agreement yourself. Theoretically, you cost to divorce can be as low as only court fee to infinitely high amount.  

How to Minimize My Divorce Expense and Headache? 

Let’s face it. If couples may communicate well, they wouldn’t reach the stage of divorce to begin with. Experienced divorce lawyers all understand that divorce actually brings out the worst side of the best people, which is the root reason for expensive and ugly divorce. Middle ground solution: 
Find a mediator, who is a trained third party and who is often a lawyer, to be the middle person to guide your and your spouse through the issues that matter the most to reach to your divorce in a timely manner. Mediators , although most of them are lawyers, don’t represent either party’s interest, during mediation and will help either one of you to face the consequence of stubbornness and distinguish matters at hand and emotional distraction. Chances are you and your soon-to-be-ex will avoid breaking of bank accounts and emotional distraught as a result of the dragging fight.  

If you have any questions or need any help at all for mediated divorce. It would be our honor to assist you. Please do not hesitate to get in touch via phone 954-8925517 or email attorney@lindaliangandassociates.com to schedule a consultation.