Knowing and getting your property in a divorce.
This can be a confusing topic for some of us. It especially can be confusing if you did not see the divorce coming and not really kept up or had time to understand what YOUR property is in a divorce. In most states there is a usual 50/50 split. But now it can be tricky if you do not know half of the things you have. A spouse can walk away with a lot more in the divorce. You have time if you are served or know that the divorce is coming to take a property inventory. Get statements and keep statements, what's in the bank, what do you own, what do you owe. Take a look around and know what you have and also understand what it is yours. You have heard me a million times talk about if you get inheritance. If you had a self owned business before the marriage, if you have a separate income from something else. Do not commingle. Of course in most cases when we do marry some one, we do not see ourselves getting a divorce. BUT you should still keep record of everything you have, what it produced and where it went. Those documents are important in a divorce. So even if you have not done a lot of research or know what you have. You will now and remember a great divorce lawyer will help you along the way. You do not want to get stuck with all the bills in the divorce while the other spouse walks away with all the property.
Lets take a look at the 2 types of property division. Now each state is different. We will start recapping a bit on some state property division laws and if you have questions about a specific state ask....and now your divorce lawyer will know what property division fits your state. There is Community property division and Equitable property division.
Now lets take a quick look at some things your divorce lawyer will ask you to look deep into and you also need to really think when it comes to your property division.
Do you have any IRA's that can be split in a divorce.
Is there any pensions or retirements that a certain amount can be taken in the divorce, especially if the marriage was longer one. These are things you can get in a divorce.
Is there any stocks or bonds that can be split in the divorce.
Is there deposit certificates, money market accounts, safety deposit boxes that can all be split.
Remember there is a lot of property in a divorce,besides house, car, land and bills. MAKE sure you take an inventory and know what you have so you can get your part!