Property distribution is one of the most contentious issues in a divorce. Disagreements over who gets what is a frequent cause of drawn-out divorce proceedings. A 50 – 50 division of assets is frequently cited in the media and works of fiction. However, it's important to note that only nine of the USA states have a law that states the spouses are equal owners of the marital property.
Therefore, unless you're in these states, you may not be eligible to get 50% of the marital property in case of divorce. Whether it's 50% or some other percentage dictated by the laws of equitable distribution used in the other 41 states, there are situations where you may get much more than this in case of divorce.
When It's in the Best Interest of the Children
Division of certain assets may not be in the best interest of the children. In almost all cases, the courts will consider the needs of the children first. Division of certain assets e.g. a house will not be in the best interest of the children if they have no other place to go.
If you're getting primary custody of your kids, there's a good chance you'll get to keep a significant portion of the equity in your marital home. Since the house is the highest value asset for many couples, this could mean you're getting more than 50% in the divorce. Speak with a divorce mediation counselor and try to state the fair reasons for you receiving a larger share of the pot.
Deliberate Waste of Assets
This is also known as dissipation of assets. This is a case where one party intentionally squanders marital property with the intention of denying the other party their fair share. It's not unusual for one party to start misusing marital property when divorce is in the air. This kind of spiteful spending can, however, result in the other party getting a larger share of the remaining property.
Dissipation of assets can be hard to prove. Talk to your divorce attorney to see if you'll need a forensic accountant.
Contribution to Value of Assets
If you reside in one of the 41 states where the laws of equitable distribution apply, the courts will look at how much each part contributed towards the acquisition and enhancement of assets (marital and non-marital). If it is determined that you contributed a lot more resources towards the acquisition or enhancement of the value of these assets, you will get a greater share of the assets after the divorce.
Factors such as foregoing education or a career for the sake of the marriage will also be considered. Consult with a divorce mediation lawyer for more help.Share
30 May 2018