How to share matrimonial property in a divorce

One critical issue that arises during a divorce is the sharing of property owned by the divorcing partners. However, every state has laws that govern the distribution of these items, and it would be crucial for the partners to seek the assistance of legal practitioners before making any further steps.

Asset and debt sharing in a divorce

All property acquired by either party during a marriage qualifies as matrimonial property, and it should be shared by both sides regardless of who owns the property. In various countries, the assets and debts acquired during a marital period are divided equally between the two former partners. In equitable distribution states, the property is shared and distributed in an equal fashion (including any debts), taking into consideration various factors such as custody of children, the duration of the marriage, and the income capacity of each partner.

Differentiating between separate and marital property

The differentiating line between separate and marital property is a point that spouses often miss. Separate property is not subject to sharing, although the law may differ in various states. During the dissolution of marriage, one is advised to explain to the divorce lawyer of his/her separate property. Separate property includes any property owned before marriage by either partner, any gift received by either spouse from a third party, and any payment received by either party for pain and suffering from an injury. Any inheritance obtained by either partner before marriage also falls into the separate property category. However, separate property may lose its status if the owner co-joins or re-titles the property and includes his/her spouse name to it.

Dissolving matrimonial bonds is not easy. Hence, one should employ a divorce lawyer, and if the partners do not agree on what goes to whom, they can seek legal advice from the court. The court decides on the distribution of property, child support, child visitation, pet custody agreement, alimony and various related issues.