When
the court recognizes a divorce, the property of the ex-spouses is equitably
divided between the two in accordance with the Equitable Distribution Law. In
the course of the divorce, both spouses should tell the court about their debts
and income.
What Is Equitable Distribution?
If
you talk to a property lawyer, it means the property during the marriage will
be fairly divided. The distribution is divided between the two ex-partners as what
the court considers is possible. However, it does not guarantee that the court will
divide the property equally. Unfortunately, it is what usually happens.
What Properties Are
Usually Divided?
There
are two main types of property for the concept of a divorce. Marital property
is what the couple had during the marriage, which can be divided between the
two spouses. It is not important whose name is on the title. Separate property
is the one that belonged to you before the marriage, for example, an
inheritance one of you gets even during marriage. Separate property can turn
into a marital property if it is combined with marital property. For example,
that money used to purchase a property before the marriage may become marital
property.
If
the value of the separate property increases by luck, its value is still
considered a separate property. If the value of the property rises because the
other spouse helped improve it, the value can be viewed as marital property. The
court takes into account these things when distributing the marital property:
·
The
health and age of both spouses
·
Pension
benefits
·
How
long the marriage lasted
·
If
the custodial parent needs any marital property while the kids are growing up.
·
Loss
of inheritance
·
The
effort of each spouse in the family
·
Property
and income and of each spouse during the marriage
Note:
Distribution can be affected if one spouse refuses to support the family.
Who is Held
Accountable for Debts?
The
court or a property lawyer Gold Coast can decide who is accountable for the debts acquired.
Get in touch with the creditors to tell them to close your joint accounts, or
else you will pay the current debt. If your ex-spouse continues to use the
account, you can also be held accountable. Make sure to close any open joint accounts
with your spouse. You are relieved of the debts that you have not co-signed
for.
How About the Home?
The
court can order the home to be available for sale. The court can delay the sale
if one of the parents has children custody, (usually until after the child has
graduated high school). The court can also give the house to one of the spouses. This will be decided by all the things that
affect equitable distribution.
Understanding
Exclusive Occupancy Rights?
This
gives one spouse the right to stay in the marital house, as the other one must live
in another location. These rights can be given to the custodial parent if the
court has not closed the sale of the property. The court can also give one of
the spouses the house in terms of safety during the process of divorce. It pays
to talk with a property lawyer Gold Coast to understand everything about it.
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