Over the course of a marriage, couples can accumulate a great deal of assets and property. How those assets and property are divided in a divorce can be one of the most contentious issues to settle. This makes it critical that you are working with an attorney who understands how to achieve your goals during the division of the marital estate.
The first question to ask is whether or not a particular piece of property is marital property or separate property. Marital property generally refers to any asset or property acquired during the marriage with exceptions for inherited property or property that was received as a gift and which was then kept separate from the marital estate. Separate property generally includes property that was owned by one spouse prior to the marriage.
Determining the proper value of personal property, real estate, and any other assets, such as a small business, is an important part of the division of property that occurs in a divorce. We can help you pursue accurate appraisals of all marital property.
The court will seek to divide all marital property between the spouses. How that division occurs can be negotiated. For example, if one spouse wishes to keep the family home, that spouse may offer to forego alimony that he or she would otherwise be entitled to persuade the other spouse to allow him or her to retain the home.
Effective negotiation can be a crucial part of creating the outcome you need in the division of property.
Some of the types of assets and property that need care while they are being considered include:
Attorney Michael J. Smith has the skill and decades of experience necessary to help you successfully navigate the division of marital property. This division often has major financial and emotional components, which can complicate the division. Attorney Smith can help you make informed choices that will help you as you work to begin building the next chapter of your life after the divorce is over.
For legal representation you can trust to always fight for your best interests during the division of property, turn to Michael J. Smith, Attorney at Law, LLC. To schedule an initial consultation, call 815-923-1129 or contact us online.
