Couples often struggle to hold their marriage together and ultimately find divorce provides the best option. Marriages breakdown for many reasons, whether it be an affair, falling out of love, or even an addiction issue. For example, pornography addiction and marriage don’t always go hand in hand, even though some couples make it work, many end up divorcing. Along with the mixed emotions this decision brings, these individuals find they must handle many tasks. One task couples often find challenging involves the division of items from the marriage. Most couples share joint bank accounts, shared property, assets jointly owned, along with mortgages and other loans. Dividing these items leads to arguments in many cases and can leave a relationship in complete tatters, even those that were amicable up until the process reached this step.
To prevent any conflict if the relationship doesn’t last, some couples opt to sign a prenuptial agreement before taking their vows. This agreement allows each party to retain control over their legal rights when they marry. Men and women who do not take this step might find they must go to court to fight for their assets. An Austin lawyer becomes of great help in crafting this document to ensure it will hold up in court if the time comes when it is needed. However, the same attorney can assist individuals who did not get a prenuptial agreement if they decide to divorce but want to protect their assets from the soon-to-be former spouse.
Money Conversations
Before a couple marries, they need to have discussions about topics that arise during a marriage. This includes a conversation about finances and how they will be handled during the relationship. Some couples choose to maintain separate accounts, and each contributes to normal expenses, such as the mortgage or rent and household utilities. Other couples choose to have a separate account for each partner along with a joint account for shared expenses like the mortgage and household expenses. The healthiest relationships will communicate about their finances and will go to advisors like joslin rhodes to plan their financial future. Although nobody goes into a marriage thinking it won’t last, people should prepare for any eventuality to ensure they have peace of mind knowing they are protected in the event the marriage fails.
Before entering into the marriage, both partners need to know about the other person’s debts as well as their assets. When couples combine their finances, creditors may come after both spouses if one chooses to file for bankruptcy. This serves as another reason to consider keeping all or part of your finances separate.
Real Estate
Real estate purchases and investments must remain protected in the event of a divorce. Purchasing real estate together can lead to major financial consequences in the event of a divorce. Married couples often put both names on a property deed to avoid issues when one party dies. Both partners want to make certain the other person inherits the home when this happens.
Nevertheless, partners must take care when determining who should go on a property deed. When the spouse who doesn’t own the property has their name on the deed, the court may determine the property was given to this individual as a gift. This has happened even after that person’s name was removed from the deed. They may then be given a portion of the property’s value as part of a divorce settlement. A lot of divorce settlements and their fairness comes down to the divorce lawyer that a couple uses, whether that be Schaumburg divorce lawyers or divorce lawyers elsewhere. If a couple is working with an experienced lawyer, the chances of a fair and just result regarding real estate is more likely.
When purchasing separated property, use non-marital funds. Courts look at many factors when they determine whether an asset is marital or non-marital property. For instance, a person might choose to make upgrades to a home that is separate property. If they pull funds from a joint account for this purpose, the court may decide the property is marital because both parties contributed to that account. Therefore, they contributed to the upgrades as a couple. The property may then be seen as marital property.
Individuals often ask what is considered marital property in a divorce. They don’t understand the difference between marital and separate items. An attorney becomes of great help in clearing up any questions in this area. However, individuals may want some general information before meeting with the attorney so they know what questions to ask.
Generally, items purchased by only one partner using their separate funds are considered separate property. Gifts belong to the recipient and are considered separate property along with any items both partners have agreed in writing will be considered separate. Nevertheless, the rules are slightly different in community property states, so always speak to an attorney to get accurate information.
Valuations
Each partner in a relationship needs to document everything to protect their assets if they choose to divorce. With the help of technology, doing so has never been easier. Today, any individual can keep important records and do so in an organized and comprehensive way. Begin this documentation at the onset of the marriage. For example, a person might have a retirement or bank account before marriage. Keep the paperwork that shows how much was in this account on the day of the marriage. Doing so makes it easier for the court to determine the amount of money that should fall under the category of marital property and how much should be kept separate from any divorce settlement.
Business owners need to seek a valuation of their company at the time of the marriage. If the business becomes commingled during the marriage, the court needs this information before appreciation to determine how much each spouse is entitled to in the divorce. Furthermore, they may need to take additional steps to protect their interest in the business if they entered into a partnership with individuals outside of the marriage.
Any person planning to divorce their spouse should speak to an attorney right away. Many individuals never consider a prenuptial agreement, as they have very few assets when they marry. However, as the years go by, they collect assets that may be considered marital property and subject to being divided during a divorce. The attorney works to protect the assets of their client and ensure this individual receives fair treatment throughout the process.
As people acquire more assets, divorces become more complex. Make certain you have someone on your side throughout the process. Your spouse likely will, and you need similar protection during a difficult time. The attorney is by your side throughout every stage of the divorce to assist.