Going through a divorce is difficult enough; now put a complicated and often emotional asset division process on top of that, and it can be a downright nightmare. Understandably, if you have never gone through a divorce, this part of it can be one of the most frustrating and scary parts of the whole process. This is why attorneys and financial advisors recommend that you take the time to learn about how exactly assets are typically divided. The following details some of the most common questions and concerns.
The Family Law Act
One of the most common misconceptions that you may have is that your assets are going to be divided down the middle (50/50). However, according to the Family Law Act, this is not going to be the case. This is because, according to the law, any division of assets must be ‘just’ and ‘equitable.’ The reasoning behind this is due to the fact that there are simply so many factors that must be considered. For example, any assets that you already had going into the marriage may not be in danger of being taken from you, but those which both of you worked towards may be divided. Other factors that the courts will also take into consideration include your age and the health of both parties.
Why Your Attorney Matters
The divorce process is very complicated and thus needs the expertise of someone who has gone through the process over and over again. This is why so many choose to bring on experienced legal teams like those at P J Griffin & Co during their divorce. Because they have years of knowledge behind them, your assets may have a greater chance of remaining in your possession after everything is said and done.
Calculating Future Needs
Another way that assets are typically divided is by looking at the future needs of each person. This is done by taking a number of factors into consideration, including children, health, and age, to name a few. At this stage, the court will recalculate the assets that have already been divided and either keep them the same or adjust for the new information that has been discovered.
Understanding as much of the divorce process as well as how your assets are going to be divided is critical to the outcome of your case. Thus, it is highly recommended to contact a family law attorney to better educate yourself on your particular situation.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.