One of the most difficult and contentious phases of a divorce proceeding is the property settlement. Most divorce cases that go to trial inevitably focus on disputes surrounding community property. Several key tips, as well as the advice of a competent family lawyer will help you survive this particular battle.
Since most jurisdictions apply community properly principals the court will seek to equitably divide all marital assets and award fifty percent of the value to each spouse. This might involve liquidating property that would seriously inconvenience one of the parties. Equity in a house, for example, cannot be split without selling the home, refinancing, or otherwise giving commensurate value to the receiving spouse. All of these options may be troubling or seriously concerning to you, which brings up tip number 1.
- Knowledge is power
Make sure you know where all property is and how it is owned. Records such as deeds, titles, promissory notes, etc. are helpful. The purpose is to arm you with information so you can make intelligent decisions. If you know the value of the marital assets you can decided before negotiating which pieces of property you most want and how they may be split in the divorce. If you have a large number of assets coordinating with your family lawyer is essential. Divorce is a law suit which comes with certain obligations and rules and breaking any of them can put you in hot water with the court.