Couples who marry, especially if that marriage lasts a number of years, accumulate assets, property, and debts. When couples divorce, division of that property is an important part of the divorce process. The Bloom Firm represents individuals getting divorced and we protect the rights of our clients to obtain their fair share of property and assets and make sure they’re not unfairly stuck with debt owed by their spouse.
Like other divorce issues, property division can be agreed to amongst the parties, avoiding a court ordered division. When business ownership or large assets are involved, often parties want to make sure they obtain what’s they’re entitled to under the law. Whether this issue is resolved through negotiation, mediation, or litigation, The Bloom Firm helps its clients through the process.
Division of property is governed by state law, which varies by jurisdiction. They’re generally divided into two groups,
- Community Property : All marital property is typically defined as community property or separate property. Community property is normally what’s been obtained by the couple during the marriage and typically divided evenly and separate property (obtained before the marriage or inherited from that spouse’s family) is kept by its owner.
- Equitable Distribution : A judge decides what is equitable, or fair, rather than simply splitting the property in two. Often this means that two-thirds of the property goes to the higher earning spouse, with the other spouse getting the rest.
The more complex a couple’s assets and property, the more complex property division can become. The Bloom Firm has experience helping people with considerable wealth and assets. We protect their rights and interests during divorce and property division.
If you have any questions about property division and what may happen in the course of a divorce, call The Bloom Firm today so we can discuss your situation and how the law applies to it.