Once you decide to move forward with a divorce, there is the question of the assets accumulated during the marriage, and in a divorce, how assets are divided can vary based on different factors. Many people, however, do not know how assets are divided and what that can mean for them. It is vital to understand what is considered an asset, what type of property it is classified as, and how these different property items are divided by a judge when the divorce mediation begins.
Greenville Family Law specializes in divorce cases as part of our family law practices. With many years of experience, we have helped numerous Greenville clients navigate the complex process of dividing assets during divorce and provide compassionate and effective legal representation. Keep reading to learn more about asset division in divorce cases.
What Items Are Considered Assets In a Divorce?
When going through a divorce, it’s essential to clearly understand what assets are involved. In most divorce cases, the following items are typically considered assets:
- Primary residence
- Vacation homes/rental properties
- Vehicles
- Businesses
- Savings accounts
- Checking accounts
- Life Insurance Policies
- Items within the home
All assets will be reviewed at the time of the divorce, and if there is something that you are particularly attached to, discuss that with your divorce attorney to target your terms around these items.
Separate vs. Marital Property
Any possessions or property acquired during the marriage are considered marital property and can be divided among the spouses during divorce mediation. If you or your spouse owned any property before marriage, it can be considered personal property and may not be divided during the divorce proceedings. Not all property is easily determined as separate or marital property, which is why you need the assistance of a divorce lawyer with a record of representation and experience in this area.
Splitting Assets in Divorce: Property Agreements vs. Going To Trial
All the assets considered marital property will be reviewed and divided during mediation. Any property not agreed upon can be sold, and the parties can split the financial gain. If both parties agree to the property agreement, there is no reason to go to trial.
If you or your spouse contests how some property is divided or even classified, your divorce could be put on the docket for a jury trial. During that proceeding, the jurors will review the evidence and determine what property is considered marital and must be divided. This means that some of the property may not be divided equally, and you could risk getting less than expected.
How Are Assets Divided In A Divorce? Equitable Property Division
In each case, trying to keep all the property equal is usually the mission of divorce lawyers. In some cases, how assets are divided in a divorce may not be equal or even look the same for each party. This is where equitable property division comes into play for you, especially if your spouse is trying to find a way to get more of the property for themselves.
What Is An Equalization Payment?
If one party appears to come out with more property owners than the other, you have the right to an equalization payment that will offset the balance of this property. This is common in cases where businesses are given to one party over the other, and the equalization payment is essentially buying out that person’s partnership.
It is only sometimes business related, and either way, the equalization payment is a way to ensure that both parties have an equal outcome, making the divorce justifiable and fair in the eyes of the law.
The Attorneys of Greenville Family Law Are Here to Help With Your Divorce Process
If you are ready to proceed with your divorce and need guidance from a seasoned divorce lawyer, contact our family law firm in Greenville, SC, today to schedule your consultation and learn about how your assets will be divided in divorce.
