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Understanding Division of Marital Assets

During a divorce the emotional turmoil alone can be stressful. Dividing marital assets can be very difficult to endure, particularly if the divorce is less than amicable. Some states are community property states which simply means that all marital assets are divided equally among both spouses. In states where community property laws are not in place however, dividing any property and other assets that you have accumulated during your marriage can be difficult to say the least.

During any divorce, an experienced attorney is essential. A law firm that specializes in divorce is always best for those facing this situation, particularly if there are several assets to be divided. An experienced attorney can ensure that all of your property and debts are rightfully divided and that you do not get stuck paying for debts that are not yours to pay. If for instance your spouse has thousands of dollars in credit card debt that you are not part of, an experienced attorney can ensure that you are not held responsible for paying this debt.

Everything that has been acquired during your marriage is typically considered to be marital property and should be divided fairly during a divorce. Marital property normally consists of things like funds in bank accounts, vehicles, home and other such property. When you are married you and your spouse technically agree that these things will be shared by both of you. During a divorce however, these properties must be divided between the two of you and knowing which states follow community property laws and which ones follow equitable distribution regulations is important.

Your attorney can help you to better understand the laws in your state and how your property should be divided. Again, an experienced attorney is essential in divorces, particularly where large amounts of property or debt need to be divided.

19.01.2013. 11:58