In embarking on the journey of divorce, the division of marital assets is a crucial factor, a facet that Allen Law Firm, PLLC, specializes in. The turn of events in a divorce proceeding isn’t pleasant; still, understanding the division of assets can slightly ease the process.
Understanding the Basics of Division of Marital Assets
The concept of distributing marital assets typically refers to the lawful distribution of assets acquired during the marriage period. It’s vital to comprehend the bifurcation between marital property and separate property involved in the process.
Marital and Separate Property
Marital property usually encompasses all assets the couple acquires during the marriage. On the contrary, separate property refers to the assets one party accrues before the union, including inheritance or gifts for one party specifically.
Rules Governing the Division of Marital Assets
The rules about the division of assets can vary significantly depending on your location. Some states follow “community property” laws, while others lean toward “equitable distribution” laws.
Community Property Laws
Under these laws, the property and debts that the couple acquires during the union belong equally to both parties.
Equitable Distribution Laws
In contrast, these laws aim at a more impartial division, not always 50/50. Factors such as each spouse’s income, economic conditions, and length of marriage play a critical role in the determination.
Approaches to Dividing Marital Assets
The division of assets can be a complicated process, but it generally includes the following steps:
- Determining if the property is marital or separate.
- Valuing the property.
- Deciding on the division method.
How Allen Law Firm, PLLC Can Help
Allen Law Firm, PLLC offers adept guidance in the process of property division in a divorce, safeguarding the best interests of its clients. From determining the type of property to calculating its value and separating it, the firm covers vast territory.
Explicitly knowledgeable in marital law, the lawyers at Allen Law Firm, PLLC display sheer professionalism in the division of marital assets. From understanding the laws to the determination of values, the firm stands with its clients at each step. Undoubtedly, Allen Law Firm, PLLC can play a significant role in securing a fair division of marital assets.