Asset Division and Property Division Lawyers

Every marriage has at least one topic in common—property. Whether they own a million-dollar mansion or a beat-up RV, a couple will always have to divide the property and debt.

Certain assets remain the exclusive property of one of the marriage partners, even after marriage, and some will be divided. This is also done with debts. Most debt incurred while married will be shared upon dissolution, though a few personal debts may remain exclusively yours.

Remember that the divorce judgment establishes the obligation between the spouses but does not change the contractual obligations of one or both spouses to the lender.

Why Men Choose Cordell & Cordell as Their Go-to Property Division Law Firm

Our experienced family law attorneys are adept at navigating property division in divorce cases, and we can put that experience to work for you with a communicative attorney-client relationship and an aggressive approach to court proceedings. Take a look at what some of our previous clients had to say.

Testimonials

“I contacted Cordell & Cordell for help to assist me through my first divorce. I’m under 30 years old and was extremely overwhelmed with the entire process (not to mention facing unfair divorce proceedings). After my initial consultation, [my attorney] took up my case and lit the way! She had a thorough knowledge of any and all paperwork required, well-versed experience throughout courtroom proceedings, and saint-like patience as she answered any and all of my questions. I have two young children, both under 10, and Laura went above and beyond to help secure a fair and reasonable agreement between their mom and me.” –Dalton V.

“I had the pleasure of being represented by Cordell & Cordell recently. Every member of their team was outstanding, and I knew I was in good hands from the very start.” – Nick P.

“Cordell & Cordell has been a pleasure to work with. They are very knowledgeable and dedicated to their craft and really gave me comfort during this extremely stressful time […] I couldn’t have asked for better representation!” – Anthony H.

How Are Assets Divided in a Divorce?

In most states, no set formula applies to every divorce case. They are all considered individually in reference to a number of different factors to pursue an equitable distribution. However, in most cases, marital property (property obtained during the duration of the marriage) is split equitably between the spouses. The specifics of what the court considers equitable is up for debate, however, as it is meant to be distributed in a way that is considered fair for both parties. This may mean a 50-50 split, but that is not necessarily the case. Separate property (property an individual owned before the marriage, an inherited gift or an individual gift) mostly maintains ownership with whoever already has it.

The following factors are considered when dividing marital property in a divorce.

• Debts and liabilities
• Whether one spouse contributed to the education of the other or them dropping out of the workforce
• The economic circumstances and health of each spouse
• Tax consequences
• What the parties involved want
• Conduct of the parties

Marital or Community Property

Marital or community property is defined as assets and debts newly acquired during the marriage, either jointly or by one party, other than by a gift or inheritance to one spouse.

Related Article: Property Division in a Community Property State

Non-Marital or Separate Property

Non-marital or separate property are the assets and debts owned prior to the marriage that remain unchanged or gifts or inheritances during the marriage to one spouse (usually including gifts by one spouse to the other).

Related Article: Separate and Marital Property

Commingled Property

Commingled property are the assets and debts that were non-marital but which were traded in to acquire new property, repaired or enhanced during the marriage with marital funds, or non-marital debts paid with marital funds.

Related Article: Commingling Separate and Community Property

Defining Dissipation of Assets in Divorce

Dissipation of assets involves any irresponsible use or squandering of marital assets during the marriage. Some common examples of this include failed investments or frivolous gambling. If one spouse can claim that the other spouse was responsible for the dissipation of assets in the marriage, then the claimant spouse may have grounds to ask for a greater percentage of the marital property that remains in the divorce.

Related Article: What Counts As Dissipation Of Assets In A Divorce Case?

Premarital Agreement

Also known as a prenuptial agreement, a premarital agreement is the primary method of keeping separate property from becoming joint property after marriage. A premarital agreement specifies the following:

• The separate property of each party
• Any property agreed to be joint property
• How property acquired during the union will be treated as either separate or joint

Related Article: Prenuptial and Postnuptial Agreements 101

Real Estate Asset Division

• The acquisition of real estate in joint names or the transfer of existing real estate into joint ownership creates legal rights and liabilities for both parties.
• Real estate acquired by one spouse after marriage is generally going to be treated as marital property subject to the claims of the other party.

If the desire is not to create rights for the spouse in real estate, a marital attorney should be consulted prior to the acquisition of the property to determine if segregation of the property is legally possible.

Related Article: Protecting Your Assets in a Divorce

Business Property Division (Lawyer’s Advice)

For income-producing real estate and self-employment business assets, the creation of a business entity, such as a corporation, limited liability company, or trust, can be used effectively to separate the property.

While appropriate efforts may separate the property itself, the income from the business during the marriage – and possibly increases in value of the business property – may still be marital property.

Related Article: Does My Wife Get A Part Of My Business If We Divorce?

Bank Accounts and Investments

• Money is the asset that is the most difficult to track for the establishment of joint or separate assets.
• Like real estate, bank accounts and investments can be held individually or jointly.
• By placing the funds in a joint account, you are making a gift to the other party of the entire account.

The key is to maintain separate accounts and track every transaction.

Beneficiary Status and Wills

It is always advisable to designate a beneficiary of your assets so that the transfer of property will go smoothly in the event of your death. If you do not have a will naming a beneficiary, then state law will divide your property. You can modify your will at any time, and that includes removing your ex-spouse from the will entirely if you desire. Note that this applies even if you do have children with them.

Related Article: Removing Wife As Life Insurance Beneficiary Before Divorce

Property Ownership Issues in Child and Spousal Support Cases

If your spouse receives or pays maintenance or child support, the commingling of assets and filing joint tax returns may subject your income and individual property to scrutiny by opposing counsel and the court in reviewing your spouse’s support needs or obligation.

If you wish to attempt to keep your assets and income out of your spouse’s litigation, you should maintain clearly separate accounts and records, including separate tax returns.

Schedule an Appointment with an Asset Division Attorney Today

The experienced divorce lawyers at Cordell & Cordell provide intelligent, aggressive divorce representation to fathers facing property division matters. We are a community of talented legal professionals who prioritize growth and success for all of our clients. Contact us today to learn how we can assist in your case.