Factors Affecting Division of Property

Thursday 29th July 2010 at 6:48 PM

Couples who have been married for a long time may find their lives deeply interwoven. This can include a great deal of property and financial assets held in common. When two spouses decide to get a divorce, it becomes necessary to separate the threads and find a way to divide everything between the two. In some places, things are divided equally. In many others, the law requires distribution of property to fairly represent the situation, resources, and needs of the spouses.

Over the years, couples who have been married for a long time may hold virtually all of their property in common. This includes financial resources and debt as well as possessions. Many couples who have not been married for very long nonetheless find their financial lives deeply interwoven, even if each of them still has most of their individual "single life" property. But couples who own everything in common may not be on equal footing if they part.

Dividing all of a couples' property 50/50 may be fair if they have equal needs and equal earning potential, but in practice that is rarely the case. For example, one spouse may have a number of medical problems and much less income than the other spouse. In such a situation, the spouse with medical needs and less income would likely require a greater portion of their shared property and assets for the divorce to be considered fair.

Remember that not every jurisdiction has the same laws. Moreover, because no two divorce cases are ever identical, judges have a lot of freedom in deciding what counts as fair from case to case. By working with a divorce lawyer, you and your spouse can create a plan for your divorce that will hopefully satisfy both of your wants and needs.

For more information on subjects related to division of property and other areas of divorce law, visit the website of the Oceanside divorce lawyers of Fischer & Van Thiel, LLP.