The legal division of property and assets is vital to the Divorce Law in every state. There are several factors that influence the division of properties and there are also several factors that determine the eligibility of parties to receive specific benefits of property.
Every state has a specific definition of marriage. Marriage is a covenant between two people to be faithful in their marriage relationship. In order to prevent a party from receiving an unwarranted share of marital property, a party must be able to demonstrate that the other party was not given permission to marry.
In order to prove unwarranted, it is necessary for a party to prove that the other party’s intention was to deprive him/her of marital property and/or avoid a dissolution of marriage. The marital property consists of all the assets and properties acquired by the parties to the marriage. In order to obtain an uncontested divorce, the parties may have to agree on the division of these assets. After the division of the marital property, it is necessary to pay off the Divorce Debt of each party.
Parties may agree in principle on the division of property before the divorce is filed and even before the general dissolution process begins. Both parties can petition for an asset settlement agreement in the court for property division. During this period, a full disclosure is made by the two parties, and each party will be questioned about his/her respective property interest.
A separation agreement that contains all the assets of both parties is required to be filed. The separation agreement includes the precise figures of assets and liabilities of each party. The agreement will also specify what assets will be paid for, who will receive what value and how a party should deal with any outstanding debts.
It is important to consult a Divorce Attorney during the Divorce process. Divorce lawyers will advise on many aspects of the divorce, such as the asset and liability division and who will be eligible to receive divorce payments.
Asset or liability is not the only thing that decides the eligibility of parties to receive property and what they are entitled to. Usually, the parties agree on other issues that affect property and marital status. Depending on the state, the state of residence is also determined. Generally, the Divorce Law is designed so that all of the parties are eligible to receive property regardless of residence, social status or even marital status.
Understanding the Divorce Process can help you decide how you will proceed with your Divorce. If you are experiencing financial difficulties or find yourself in a physical or emotional abusive relationship, a Divorce Lawyer can help. Divorce is never easy and there will be time when it will seem like an overwhelming process.