Divorce and Property Division: How Attorneys Navigate Asset Distribution

Divorce can indeed be quite an uphill and emotional process, most especially when asset division comes into question. Property division is generally viewed as the hottest issue in divorce because feelings between the parties may run very high regarding what each one feels they are entitled to. The question of who gets what, as the relationships are being dissolved, tends to bring out quite a bit of dispute, usually based on differences in perception about fairness and entitlement. It is important to understand how the various assets are classified and, subsequently, what value is attached to them, along with the very legal structure from which property division arises. In such scenarios, attorneys prove to be of immense importance when they represent you, working through the subtle minefields of the divorce law. Their expertise will guide you through twists and turns in ways that protect your rights and represent your interests. This article considers how divorce attorneys deal with property division.

Marital vs. Non-Marital Property

Initial steps in asset division involve identifying and classifying assets into marital and non-marital property. Normally, marital property will include those assets acquired by the parties during a marriage. These would include real estate, vehicles, bank accounts, retirement accounts, and personal property. On the other hand, non-marital property includes property owned before the marriage, gifts or inheritances received anytime during the marriage if kept separate, and property purchased after the separation of the parties. The classification of property affects divorce proceedings in several ways. Only marital property would be divided, while usually non-marital property remains with the owner. In determining what is or what is not to be deemed marital or non-marital property, the burden of proof is on the spouse asserting that an asset is non-marital through clear evidence. Furthermore, there are many complications in regard to comingled assets, whereby non-marital property is combined with marital assets. A Denton divorce advocate will carefully consider what assets fit into each category and represent you while you navigate through the challenges of asset distribution in divorce.

Valuing Assets

The valuation of divorce assets is a very critical activity since property divisions and financial consequences may affect both spouses. First, there should be identification of the type of assets to be valued: real estate, financial accounts, personal property, and business interests. The method of valuation is different for each: real estate by comparative market analyses, complex assets by expert appraisal, and business interests by the income approach or the asset approach. After the assets have been valued, a Denton divorce advocate can negotiate equable distributions based on this information.

Negotiating Strategies

The negotiation phase of the asset distribution when divorcing is not always easy; nevertheless, there is the possibility of achieving satisfying results with the help of a Denton divorce advocate. Preparation includes compiling general financial information and stating personal objectives in a very clear way. Establishing a collaborative approach seems like the right strategy, which focuses on mutual interest and open communication. When the offer is extended, your representative will review the offer for equity and respond with counter offers where needed without displaying feelings.