Dividing Assets And Debts In Divorce
During a divorce, the ownership of all property and debts acquired during the marriage must be divided between the two spouses according to the rules of equitable distribution. “Equitable distribution” means that you must divide your assets in a way that is fair under the circumstances. You and your spouse will not necessarily have to split ownership down the middle.
This process requires you and your divorce lawyer to answer two primary questions:
- What counts as a marital asset or a marital debt?
- What is the fairest way to divide assets and debts during divorce?
We provide legal information.
You provide the decisions.
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The sense of what is fair can differ between spouses, of course. At The Offices of Keane Law, LLC, in Boulder, our attorneys can explain the equitable division concept and the factors that family court judges consider when making decisions about property division.
The process of dividing a marital estate during a divorce has become increasingly complex. In addition to dividing real estate (like homes) and personal property (like cars), other issues may arise. You and your lawyer may also need to evaluate issues relating to business ownership, retirement accounts, pension plans, and stock options. Throughout the property division process, your attorney must keep an eye on short- and long-term tax ramifications. Your lawyer may also need to conduct an investigation to uncover any hidden assets belonging to your ex-spouse.
The following factors are important when deciding on the division of debt and assets:
- Length of the marriage
- The value of the spouses’ joint and individual assets and debts
- Financial needs and liabilities of the parties
- Premarital or prenuptial agreements
- Separation agreements
- Tax consequences
Your lawyer can help you determine the worth of all assets, find assets that are not immediately obvious, determine outstanding debts, and recommend an equitable division of marital property. We can work with you to negotiate a settlement with your spouse, help you work out a settlement in mediation, ADR page, or litigate the issues on your behalf.
Please contact The Offices of Keane Law, LLC for a free 30-minute consultation.