Why You Need A Property Division Lawyer When Getting Divorced
When spouses divorce, there is much to decide when dividing assets. This includes property. There are generally state laws that govern these property divisions that make a Property Division Lawyer an absolutely necessary part of the divorce process. While divorce can be a stressful and confusing process, property division does not have to be. This is when a Property Division Lawyer can become a great asset when going through the process of the divorce.
Property division, also known as equitable distribution, is the judicial division of property rights and obligations during divorce. Despite the misleading name, equitable distribution is not the same as equal distribution. This means that if one spouse was a stay at home parent, they may receive more than half of the share as advanced compensation for projected need to return to the work force at a lower wage due to being out of the workforce for a substantial amount of time.
Dividing Property First, a Property Division Lawyer will go through on how each spouse will be receiving 50% of the properties. Usually this means you may have to sell your home and split the proceeds in half or if one spouse wants to keep the home, the other must buy them out. If a couple cannot decide or agree on how to divide the property, a judge will dictate the net value of the property assets and have each spouse receive the same value in property or liquid assets. It may also be required to hire a professional appraiser if you and your spouse cannot agree on the value of your property. Once this information is gathered, make sure to provide this to your Property Division Lawyer.
Property Settlement Agreements Once the couple has come to an agreement on how to divide the assets, the property division lawyer will compose a legal document called the property settlement agreement which will include an extensive list of who gets what. Both spouses will then sign the agreement.
Property Transfer After the property settlement agreement has been signed and approved, that is when the property transfer begins. The spouses will get each other’s signature on bank transfers, deed, or anything that can transfer property to their name. Refinancing will begin if that is a part of the agreement. Titles will be released and payments will be made if necessary.
While divorce is not easy thing for anyone to go through, once property division has been settled, this can be a great relief and a step closer to getting closure and a Property Division Lawyer can help you get there.
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