Depending on the situation, a divorce hearing can involve a great deal of negotiations between the two parties. You may worry, how will we divide our property?
Divorce cases generally break down into three types:
Uncontested Divorce
The absolute best-case scenario: both parties come to an agreement over who gets what, how much they get, and all the finer details can be ironed out with little to no conflict.
In these situations, dividing up the property probably won’t present much of a problem for the parties involved.
Contested Divorce
The opposition end of the spectrum, where both parties can have any number of disagreements over the many assets shared during the course of the marriage. In addition to property, a contested divorce can also be about who gets what, does a former spouse get financial support, and custody of any children and/or pets.
In these situations, property shared during the marriage can become a contentious battleground that could lead to arguments, stress, and a host of legal costs.
Mediated Divorce
Something of a middle ground between the two extremes, some divorces cases can be brought to a satisfactory conclusion with a bit of mediation to see both parties through the hard disagreements. These divorce types can involve the couple being in agreement on some terms while needing negotiations for other aspects.
Those aspects may involve property rights, with mediation providing an efficient way to come to an understanding.
Property Types
When it comes to divorce situations, it’s important to understand that “property” can refer to any type of dwelling, even structures not used for residential purposes.
For example, suppose one spouse inherited a tractor barn from a late relative. While the structure in question might not be suitable as a full-time residency, the barn could still qualify as property during the divorce hearing. Likewise, any additional residential units like timeshares or summer homes would be on the table in terms of usage.
Even if the divorcing spouses only rented an apartment, the division of property usage could come into play. Granted, splitting time for a rental apartment might seem absurd, but it could still qualify as a property usage question.
The State Law Factor
Let’s say the divorcing couple shared joint ownership of a home. Depending on the location, and depending on whether the state in question operates as a “separate property state” or a “community property state,” the state laws in question may have specific rules about dividing the property.
Separate Property
Like the term suggests, this type of property system recognizes the finer details of ownership. Specifically, separate property takes into consideration property owned by either spouse prior to the marriage and any assets specifically designated to one person in the marriage.
Like, if Spouse A received an inheritance that was specifically granted only to Spouse A, then Spouse B would not be able to claim joint ownership of the inheritance.
Community Property
This aspect applies to any assets and/or property acquired by both spouses during the marriage, such as joint checking accounts or property that has both parties listed on the deed.
Want To Learn More?
Have specific questions about property divisions during a divorce? Contact Jacobson & Jacobson PLLC today.