If you’re looking for more information about asset division in your divorce case, or for guidance with legal matters, the Law Office of David Pedrazas can help. We are committed to helping you get the help you need with your divorce. As you may already know, asset division is a key component of helping to make divorce proceedings fair and good for both parties involved.
What Is Asset Division?
Asset division is division of property and monetary rights after a divorce. This includes homes, debts, property that may be included in the home, such as furniture and belongings, cars, and even items that seem intangible, such as home equity or credit cards. Everything that a couple has shared is part of this process, and their shared accounts and property are certainly subject to being split or divided in a number of ways, in order to get the best possible solution for both parties. Community property is generally divided equally, while the spouses in question would keep what belonged to them separately. Anything that was accumulated while the marriage was going on will be divided equally also, so there are different factors that come into play regarding who gets to keep what.
Factors That Affect Asset Division
Asset division is not always 50/50, because certain conditions may come into play, including:
- The length of the marriage. This determines the “just and right” parameters of asset distribution.
- Each spouse’s age and health. This also is part of a spouse’s employability and business opportunities, since those who are older would generally have more equity and liquidity, but also have other conditions to consider, such as possible retirement or lack of business chances after the marriage.
- Each spouse’s occupation. This is part of earning power and business opportunities, and factors will be taken into account, especially if one spouse was responsible for the children or for caring for the home while the other one worked.
- Each spouse’s earning power. This will include a variety of things, including education, business opportunities, employability, and the like.
- Each spouse’s non-marital assets. This includes what each spouse had before the marriage, or items received as a gift or through an inheritance. These separate assets will include anything that has not been affected by the marriage or does not derive its meaning (“just and right”) from the marriage of the spouses.
- Children who are a product of the marriage. This includes custody of children, which is often a big deal for many parents and, of course, for their children, too.
- Education. If one spouse has more education, this will also be part of their earning power, so this is often taken into account.
Fighting for Your Rights During Property Division
If you find that you need help with asset distribution, contact the Law Office of David Pedrazas online, or call 801-263-7078 for a free 30-minute consultation. We have been involved in numerous asset distribution cases for many years, and we are just the right choice to get your “just and right” asset distribution. We can help your divorce go smoothly, and that is, ultimately, what you want, while also getting the compensation and distribution of assets you deserve. Contact us today!