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What Situations Are Marital Assets Not Divided 50-50?

April 24, 2012 | Comments: 0 | Views: 189

When most people think of divorce, they think of it as dividing marital property in half and, if they have kids, working out a child custody and child support arrangement. The lucky ones are able to determine property division, child custody, and child support without the court intervening. These uncontested divorces often come with fewer headaches, less animosity, and lower legal costs. But, unfortunately, not all couples are able to reach such an amicable agreement and require intervention from the court to divide property and settle other issues. In some cases, property is not divided 50-50.

Marital property is considered any property obtained by either spouse throughout the course of the marriage. Property that is owned by either spouse before the marriage is not considered marital property, and does not have to be divided. However, if one spouse acquires property through "gift, bequest, device, or descent," during the marriage, it is considered that spouse's property and is not part of the community property that is subject to the 50-50 split. So if one spouse receives a gift during the marriage, then that property is not considered part of the community property and does not count towards a 50-50 division of the couple's property.

Once all of the community property has been identified, it must be assigned value. The lawyers will help through this complex process. Some valuation disputes can get heated, and it's important to have an attorney by your side to protect your interests and ensure your rights are exercised throughout the process. Once the valuation process is complete, a 50-50 split may be determined. In some cases, a 50-50 split may be difficult to arrive at, and the court may divide the property in the fairest way possible. Again, this is where having an attorney by your side can be extremely helpful and beneficial.

So while the court divides marital assets in a 50-50 split, it's a bit more complicated than adding up any and all property and splitting it down the middle. You must account for property owned by either spouse before the marriage, or gifts that were acquired by either spouse during the marriage. Generally, other property is considered that of the community and is subject to the fair split down the middle. If a couple cannot reach a mutual agreement on their own, the divorce process becomes contested and the courts will often step in to settle the matter.

Evan writes on many topics and agrees that you would be best aided by contacting an experienced and professional Marital Assets Lawyer in your area. For people needing more information on Community Property California, visit the offices of Diefer Law Group

Source: EzineArticles
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