Divorce is a painful process for both parties. It takes time, and the ex-lovers need to divide their joint property. Does the wife get half in divorce? Find out the answer with this article.
Division of Property During Divorce
The distribution of property during divorce can depend on the determination of the judge of what’s fair in the situation of the case. In some community property states, there is a 50-50 distribution between the ex-couple.
The income and assets acquired on the marriage are considered marital property. However, the court divides the property according to different factors such as relative financial positions of the spouses, marriage length, health, age, future employment practices, and more.
On the other hand, equitable distribution is case-specific. With this, the spouse needs to hire a professional divorce attorney to get the best results. The lawyer can help the spouse to know what the court will order for equitable distribution for the divorce case. More importantly, an attorney will help the spouse to understand his legal rights and establish the best strategies to protect his interests.
Factors in Dividing Property
In property division, there are several factors considered by the court. These include how both parties contributed to the improvement and acquisition of the marital property or reduced marital assets.
The court also looks for the spouses’ sources of income, separate property, debt, and employability. Failure of marriage due to an affair or bad behavior doesn’t count against the spouse during the division of property. It can be a factor for the alimony. Meanwhile, if the other spouse wastes marital assets, the spouse can receive a bigger share of the property.
If the spouse is worried that he can’t access a specific property or marital funds if other assets are in dispute, they can ask the court for partial distribution. The court also evaluates the living standard they enjoyed during the marriage, taxes, and economic circumstances on the division.
Alimony
In the divorce process, alimony is the payment from the spouse to the other to help keep a lifestyle like the one enjoyed while still in the marriage. There are also several factors considered for the alimony. These include the contribution of the spouse’s earning power and education and marital misconduct before the separation date.
Marital property
Before the division of property, the court will first identify the property that belongs to the marriage. Marital property is the property earned or acquired in the marriage. On the other hand, non-marital property is the property acquired or owned after the separation. However, it can also include property acquired during marriage such as inheritance, gift, and property in return for non-marital assets and remain separate during the marriage.
The common property types divided during divorce are real property like a family home, intangible property like dividends, income, debts, benefits, and personal property such as jewelry.
Debts are also treated as property during the divorce. The judge will divide the debt and characterize it as non-marital or marital according to the date it was acquired, how it was used and who acquired it. The marital debt can include tax obligations, business, personal loans, mortgage loans, and credit card accounts.
The equitable division process will be guided by a professional divorce lawyer. It is aimed to negotiate an amicable resolution of the problem with the other party. It can be done by making a list of all the debts and assets, how it was acquired, how they are currently titled, how they were titled, and their values now.
Uncontested divorce attorneys in York PA can also provide their clients with a Checklist of Marital Property and Form of Inventory. If needed, the lawyer can also obtain a signed Authorization for Release of Documents. Although not everybody can afford a divorce, getting a good lawyer will make the process easier.
Conclusion
To sum it up, the wife doesn’t exactly get half in divorce. There are several factors to consider when dividing property during the divorce process. Marital property is the only one that will be divided in the divorce.
Equitable division refers to the property being divided equitably between parties. However, the division of the property doesn’t need to be always equal to be fair. The court will make a fair decision about the property division between the spouses.