The impact of separate versus marital property in divorce can be incredibly steep, depending on how prepared you were for your divorce. While you may feel overwhelmed at the prospect of determining what qualifies as “yours” once your divorce is finalized, you do not need to sort everything out all alone.
A property division lawyer can help you through the property division process, no matter how complex it may be.
The Impact of Separate vs. Marital Property in Divorce
In 2022, the Centers for Disease Control and Prevention, better known as the CDC, stated that 2.4 per 1,000 people have gotten divorced. According to one study, roughly two million people get divorced every year in the United States, which means you’re not alone in your confusion about marital and separate property.
In order to better understand the impact that separate versus marital property can have in a divorce, you’ll need to know how each category is assigned.
Understanding Marital Property
The term “marital property,” sometimes referred to as “community property,” can be applied to all of the property, debts, and assets a couple has acquired over the duration of their marriage. Simply put, everything you and your spouse own and/or owe, unless it has been specifically set apart by legally binding documents such as prenuptial agreements, will be considered shared marital property.
Depending on what state you live in, this may hold different implications in the event of your divorce. Some states, like California, have laws mandating that community property is split 50/50 when a couple gets divorced unless certain assets have been previously protected in a prenuptial or postnuptial agreement. This is not the case for every state, however, so you may benefit from the help of a property division lawyer if you are looking for state-specific answers.
Splitting Marital Property: An Example
If you live in a 50/50 state, and you and your spouse bought your house together during the time of your marriage, it will be classified as marital property. This means that, legally, the cost of the house would be split between both parties. If you would like to keep your house, you may have the option of buying your spouse out of their half. Your other option is to sell it and split any earnings.
Understanding Separate Property
The second category is separate property, which includes everything that belonged to you prior to your marriage. This can include, but is not limited to, businesses, bank accounts, inheritance, and assets. Your debts will revert to being your own, meaning that your former spouse will not be made to help you pay off any outstanding loans and/or debts.
If you owned your house before getting married, it should be considered separate property. This means that you should be granted ownership and rights to the home. You can either keep it or sell it, and you will likely be legally permitted to keep any money gathered from the sale of your home.
Why Might I Benefit From the Help of a Property Division Lawyer?
Whenever you decide to enter the complex world of family law, you face the potential for drawn-out, emotional, and all-around confusing experiences, especially when you try to accomplish anything related to divorce on your own. Even couples with good intentions can get caught up in the emotions and confusion that accompany most divorce cases and, by extension, property division claims. Fortunately, you do not need to face this overwhelming process alone.
When you hire a property division lawyer, you are enlisting the assistance of a professional who not only understands the legal proceedings that must take place but also knows how these laws can impact you and your desired outcomes. They can then serve as an advocate for you, your rights, and your goals.
FAQs
Q: What Are the Benefits of Separate Property?
A: Separate property can be beneficial when you get a divorce because, if clearly documented, you will easily be able to claim anything categorized as such. It will not need to be divided between you and your spouse, so you will have one less thing to worry about as you tackle your divorce proceedings.
Q: How Much Does a Property Division Divorce Lawyer Cost?
A: The final cost of a property division lawyer tends to vary case by case, as each situation comes with different factors that can impact the overall price. Still, your cost will be impacted by how complicated and lengthy your case is, as well as who you choose to hire.
Q: Can My Spouse Take My House if I Owned It Before Our Marriage?
A: The answer to this question will depend on the state you live in, but most likely, no, your spouse cannot claim your house if you owned it before the start of your marriage. One way you can avoid confusion moving forward is to draft a prenuptial or postnuptial agreement that states the house belongs to you since you purchased it before getting married.
Q: How Long Will It Take for My Property Division Case to Settle?
A: Simply put, there is no certain answer as to how long it takes for your property division case to settle. Each case presents its unique variables, all of which can impact your overall timeline. Still, hiring a property division lawyer can prove to be incredibly helpful, as they will be able to help prevent you from making easy missteps that can lead to major setbacks.
Get Help With Property Division Today
Divorce law and property division can be incredibly complicated and confusing, but with the help of a property division lawyer, you’ll be equipped to face the various legal obstacles that may come your way.
At the Stange Law Firm, you will find lawyers who are ready to do everything in their power to help you accomplish your desired outcomes. We can answer all the questions you may have about the laws and legal proceedings in your state. With compassion and insight, your property division lawyer will be able to help you understand the impact that separate versus marital property may have on your divorce, preparing you to defend what is rightfully yours.
Contact us today to schedule a consultation.
