Divorce is an emotional time in your life. But you should be aware that it also comes with much legal paperwork. It can be overwhelming to divide assets and debts while trying to keep up with all the emotions of divorce. We are here to help! We’ve compiled some tips for those who are getting divorced and need a property division lawyer:
What is a Property Division Lawyer?
Property division lawyers are lawyers who specialize in the division of property and assets. They are often called upon to help clients with divorce proceedings, as well as other family law matters.Division of property is the most common area in which a family law attorney will work, but they may also work with trusts, estates, and gifts.
What are the Different Types of Property Divisions?
In order to calculate your share of property, you will need to know the following information:
The total value of the property, you can ask for help from a property division lawyer.
There are several different types of property divisions that can be used to divide up the marital property. The type of division will depend on the needs and desires of the divorcing couple, as well as the complexity of their situation.
Types of property divisions:
- Equitable distribution: This type is often used when there is a significant disparity in income or assets. It’s also used when one spouse has contributed significantly more to the marital estate than another spouse.
- Separate Property: This type is often used in cases where one spouse has a significant amount of separate property that they want to keep separate from the marital estate.
- Marital Property with Special Provisions for Separate Property: This type is typically used when both spouses want to keep their separate property but don’t want it to be considered as such by creditors, potential heirs, and others who may have an interest in it.
- The number of people who are entitled to an equal share in the property.
- The number of people who are entitled to a larger share in the property.
If there is only one person entitled to a larger share, that person gets twice as much as everyone else. If there are more than one person with a larger share, they get an amount proportional to their ownership and your property division lawyer will help you with that.
Find Copies of Tax Returns
- Check out your local IRS office if you’re looking for the complete tax returns for the last three years. The IRS can provide copies of your taxes for a nominal fee, and they’ll let you know how much it will cost before they give them to you and submit it to your property division lawyer.
- For six years’ worth of tax returns, or if there’s any chance of an audit in the future, use Form 4506-T [https://www.irs.gov/forms-pubs/about-form-4506-t]. This form allows access to all records within those six years without going through an audit first.
Document Your Assets and Debts (Including Prenuptial Agreements)
- Document Your Assets and Debts (Including Prenuptial Agreements)
Divorcing couples must document anything of worth they own. Include the acquisition dates and market worth of these assets. Some expect property division conversations will continue since they were married long or have children. Document everything so both parties know what’s at stake. Now it may appear not easy. You could save thousands in legal bills and court charges if things go until your divorce is finalized. Neither side discusses before putting in a property division lawyer; this could take months or years.
- Stop Using Joint Accounts Immediately after Separation
Suppose there are still joint accounts after divorce (e-g., credit cards). In that instance, one spouse should cancel them immediately and write logbook entries daily or monthly to trace all transactions until the accounts are closed. The other spouse should send monthly statements until the money’s gone. They keep track of if something unexpected needs clarification while examining records in the future.
Documentation Should Include the Date of Marriage, the Date of Separation, and the Dates the Accounts Were Opened
Document everything. This will make your property division lawyer’s life easier and ensure clarity. If you need more time or willingness, hire a professional organizer.
Should document marriage, separation, and bank account opening dates. All this information helps check who contributed more to running a household during the marriage, which could entail a more significant asset share.
Each Asset or Debt in Property Division Negotiations Should Have an Accurate Value Placed on It
To get a fair settlement, you need to know the value of each asset or debt in question.
When you’re trying to negotiate a property division lawyer for settlement, it’s essential to understand how much your spouse has at stake. Your financial self-interest is the first thing on your mind when entering divorce negotiations and so! But, there is more than yourself in this equation: if you want a fair outcome for both parties involved in property division, you must value each item of property.
To determine an asset’s value:
Stop Using Joint Accounts
What if you need access to the money in a joint account? You’re going to want to avoid this scenario at all costs. To access the money, someone must apply with the court and show a valid reason for needing it. In other words, even if your ex-spouse is being unreasonable and won’t let you access the funds, you can do nothing about it unless they agree and if they don’t agree, things get even more complicated!
The best way around this issue is not having joint accounts in the first place. Set up separate accounts for each spouse before filing for divorce or separation so there will be no confusion later on down the road when it comes time for property division.
Create a Log of All Finances You’ve Shared with Your Spouse Since You Separated
Keeping a log of all financial transactions you’ve made since you separated is essential. This includes money you’ve paid, received, and given. Keeping receipts will help make sure there are no disputes about the amounts later on.
A Property Division Attorney Can Ensure Your Rights During the Divorce.
As a divorce lawyer, I recommend hiring someone who knows the property division. A property division lawyer can help you get the property you deserve and avoid costly blunders.
If your rights are infringed during divorce procedures, you’ll need an expert lawyer to recover lost earnings and other damages.
You’ll win when you have a property division lawyer on your side. The lawyer will ensure you get what you deserve.
