When a couple makes the decision to get a divorce, one of the biggest concerns they may have is about what may happen to their assets. The first step in this process is to determine which category your property falls into. There are two categories of property that your belongings may be considered in the eyes of the court: marital property and separate property.
Separate property is all of the property that you acquired before the time in which you got married. There is certain property that may be able to be considered separate even after you got married. For example, if you were married and then inherited a substantial amount of money that you kept in a separate account, it is considered separate property. However, if you put that inheritance into a shared account with your spouse, it is marital property.
Marital property is all of the property you and your spouse acquired throughout the course of the marriage. This includes a house, a car, a couch, a boat, whatever the case may be. Marital property will be divided between the two spouses in a process known as equitable distribution. Equitable distribution is the division of assets between the two spouses dependent on a number of factors. It is important to know that equitable does not mean equal. One spouse may walk away with 60 percent of the assets, while the other walks away with the remaining 40 percent. Of course, it all depends on your particular situation.
If you have questions about the equitable distribution process in divorce, contact an experienced divorce attorney today for assistance.
If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.