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Dividing marital property with a family law divorce lawyer – make a list and check it twice.
During the happy times of a marriage, couples buy assets and goods together. Bank accounts are merged and monies shared. Now the not so happy time has arrived and the lines of ownership are blurred. What seemed natural for happily married people before now becomes a huge headache after the divorced has been filed.
Marital property items are items that were purchased or otherwise acquired by a couple during their marriage. Now the marriage is over and the property must be divided. This can be a very stressful and difficult task. To create a thorough list of assets that will help expedite property settlement and division, learn the property laws in your state.
Some states like Texas and California have community property laws which require all assets acquired during the marriage to be divided equally unless the divorcing parties agree to an amiable division of property between themselves. For the states that don’t recognize community property laws a judge will hear both sides in order to figure out how property can be divided fairly if the parties have not already come to an agreement with their lawyer.
Other issues that will come up are division of debt and other types of liabilities. This can include debt on a mortgages, credit cards, and outstanding bills for items purchased during the marriage. The division on these liabilities will greatly depend on each spouse’s income.
Remember not to get caught up in the big stuff such as the house, cars, a boat or motorhome. All the assets need to be divided right down to the dishes, pictures and throw rugs. It’s very easy to let the smaller items fall through the cracks when you are caught up in the heated moment with the bigger items. Work with your family law divorce lawyer to create a check list so that nothing is left out and there are no surprises come division day.
Dividing marital property is never easy and requires both understanding and patience on the spouse’s part. Your family law divorce lawyer can provide you with an understanding of marital property law in Albuquerque.
Do you have questions regarding your divorce or other family matters? Do not hesitate to contact PJHartman’s office online or by calling 505-247-3335 or 505-247-3335.