Englewood Property Division Lawyer

In most cases, a judge will grant a property division agreement that was created by the divorcing spouses. One potential exception would be if one of the spouses was not represented by an attorney through the process, and the division of property is inequitable. The judge may make inquiries to determine if the division is just and fair.

Determining the value of your assets depends on the type of asset. Assets with specific balance amounts, like bank accounts and retirement accounts, are easy to valuate. Some assets are more complex and require professional assistance to correctly determine their value. For example, an appraiser can be hired to evaluate real estate, and a business valuation expert can be contacted if the couple shares a business.

In most cases, it is not ideal to retain joint ownership of assets following a divorce. This means that your marital real estate will need to be divided equitably in your divorce. You and your spouse can choose to sell the property and split the profit, or one spouse can retain the property and offer their spouse a similar value in other assets.

Any debts that were created during the marriage are considered marital debts, even if they are only in one spouse’s name. Similar to other marital property, debt is distributed equitably between the parties depending on the circumstances. The higher-earning spouse may receive more of the debt, or the spouse that incurred the debt may be responsible for a larger portion.

The first step is determining separate and marital property. Once you have created a list of marital property, you can begin assigning an owner to each asset. Beginning with larger assets, divide the property in an equitable manner while also keeping track of the total value of each spouse’s estate after each designation. If you cannot reach an agreement, a judge will step in.