Dividing Assets in a Divorce
Dividing assets in a divorce is a difficult concept and can be very stressful. If you are facing issues of how your property will be distributed, please contact Michael D. Schmitt, Esq., Attorney at Law to schedule a free consultation.
Dividing Assets in a Divorce | Separate Property
Separate property is property that accumulated either before the start of the marriage, or after the beginning of a divorce action. Sometimes separate property is acquired during the course of the marriage but which the other spouse has no claim to. For instance, if they receive an inheritance and somebody left the money to them, that money is theirs, separate and distinct from marital property, and they get to keep that on their own. In these instances, they should be careful not to comingle or intermix that property with martial property. If that happened, the court very well could say that separate property was turned into marital property and they could end up owing inheritance to their spouse that otherwise they would not have had to give to them.
Dividing Assets in a Divorce | Cars
In most cases, is it expected that each spouse will end up with their own vehicles after the divorce. This means that the car is their property and the expenses of the vehicle, such as loans or leases, will be their responsibility. If there is a significant difference between the equity of one car or the other, that can be taken out and applied as a credit to the marital property in the other aspects.
Dividing Assets in a Divorce | Personal Belongings
In many divorce cases, each spouse has many personal belongings. These could be things like beds, dressers, clothes, etc. Typically, divorce attorneys don’t handle those belongings within the context of a divorce. Those things are better off being meditated between the spouses themselves. Paying an attorney is not ideal when dealing with whether a spouse gets to keep their own dressers. If a spouse brings property into the marriage, that can be taken out by them. It is theirs to keep. That is separate property. If during the course of the marriage, a spouse was specifically given an item, it is theirs to keep as well.
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If you need help with the process of moving on after divorce papers are served, please call our experienced Rochester divorce lawyer today for a free consultation.