Divorce is not a walk in the park, and wondering how assets are divided in divorce does not make it any better. There are many factors to consider when it comes to how to split assets in a divorce, especially where children are involved.
However, having a good lawyer to spell out terms and laws for you can make the process easier and loophole-free. Here is a breakdown of how assets are divided in divorce:
In A Divorce, How Are Assets Divided?
The decision on how assets are divided in a divorce can be arrived at in two ways;
Contrary to what we see in the world today, the divorce process can be easy if both parties are willing to work it out. In such ideal scenarios, both parties agree and develop an amicable way to share the assets.
Once you agree on the division of assets to avoid loopholes and disputes in the future and hold each other accountable to the terms of the agreement, you can sign a binding financial agreement.
On the other hand, you may not agree with your ex-spouse on how to split assets in a divorce and therefore choose to involve the court. In this case, you find a good lawyer to represent you in court, where the judge decides on a fair way to share the assets.
The court has to consider some factors to decide how to split the assets. Here are some of the considerations:
Factors To Consider When Deciding How To Split Assets In A Divorce
The court must consider your children’s well-being and ensure that the decision they arrive at favors them. The goal is to ensure that all their needs are met.
While the court aims to divide the assets fairly, this does not mean that they are divided equally. The roles of each partner come into play, whereby the homemaker is regarded in equal regard as the breadwinner and, therefore, also entitled to fair division of assets upon divorce.
When deciding on how to split assets in a divorce, the court aims to give each party a clean break, whereby they have no financial ties if it is unnecessary. In their decision, the court ensures that they provide room for a clean break.
There is an exceptional case whereby a child is involved, and the financial responsibilities fall on both parents. They may have to share financial accounts or links.
How Are Business Assets Divided In A Divorce?
In a divorce, the business may be considered a marital asset, which should be divided equally. However, the court can come up with several ways to divide the business:
- You can sell the business and share the money
- You can decide to buy your spouse’s share of the business
- You can own the business together
Why You Need A Good Divorce Lawyer
A good lawyer will represent your desires in court and fight to see that you get it. With a good lawyer like Arturo R. Alfonso, P.A., you won’t have to worry about how assets are divided in divorce. We know the law; we can help you. Call us today!