Typically each state within the United States has its own rules concerning the division of assets in a divorce. Each state, however, follows two approaches when dividing marital property. These approaches are either “equitable distribution” or “community property.”
For equitable distribution, a judge decides a division of property fairly or equitably. In community property approach, the property is always equally divided.
Separate or Marital property:
Regardless of the region on where an individual resides, distinguishing between Marital property and Separate property is vital when it comes to divorce.
Marital property is mainly divided into the laws of the state an individual resides in. Marital property can be referred to as all the property acquired during a marriage, excluding separate property. Separate property isn’t divided at all. This means that the property that is separate can be kept. Separate property includes items a spouse came into the marriage with. In some instances, separate property can become marital property if the separate assets have blended with the matrimonial funds of the marriage.
Generally, it is considered better if more information can be provided to the judge concerning the worth of the property. However, the judge would need a detailed inventory of the assets of the party and their value in order to assign a fair property division in the divorce.
Being aware of all the necessary procedures concerning the divorce proceedings is vital in ensuring that the process runs smoothly and in the best interest of the individual. With all the obligations and procedures involved in a divorce procedure, having someone present to help sort the legal processes of the divorce could help significantly. Seeking one of the best Orlando divorce lawyers could help clients receive the assistance they need.
Erin Morse Law office is a Family Law Firm based in Orlando, Florida. While providing skilled and determined lawyers, the Erin Morse Law Firm guarantees that each client’s case is diverted to the right path.