Going Through Divorce in Palm Springs
3 Step Process to Distribute Your Property in Divorce
Going through a divorce can be a stressful period of time for many couples. They are faced with the reality of splitting their property and assets. At times the divorce settlement can be a real battle. The state statutes dictate the process of distributing property upon divorce, which generally includes the following steps:
1. Classify which property is subject to distribution among the parties.
Different states have different approaches to which property the court must divide between divorcing spouses. Those approaches include the following. The home of either spouse, whether obtained before or during marriage, is subject to equitable distribution …show more content…
Value the marital property and then do the math.
After classifying the assets of both parties, the court generally must determine the value of the property before deciding how to distribute it (unless, of course, the court simply gives each of the parties a percentage interest in a particular property.) To help determine the value of the home, the parties involved must present evidence about the property’s value. At that point, it’s up to the court to decide the best method for valuing the property and to calculate the value.
3. Distribute the property fairly between the divorcing parties.
The court must equitably distribute the property as a whole. The court doesn’t have to divide every asset; instead, it may award something things entirely to one party and other things to the other. The court may award the present value of a property that involves future benefits, such as retirement payments. But if the value is too uncertain or the couple doesn’t have enough marital assets to pay the present value, the court may just award a percentage of future payments.
Going through divorce should not be a stressful time of your life. By choosing a strong and knowledgeable divorce real estate professional that is experienced in handling the challenges that can arise during this time is
3 Step Process to Distribute Your Property in Divorce
Going through a divorce can be a stressful period of time for many couples. They are faced with the reality of splitting their property and assets. At times the divorce settlement can be a real battle. The state statutes dictate the process of distributing property upon divorce, which generally includes the following steps:
1. Classify which property is subject to distribution among the parties.
Different states have different approaches to which property the court must divide between divorcing spouses. Those approaches include the following. The home of either spouse, whether obtained before or during marriage, is subject to equitable distribution …show more content…
Value the marital property and then do the math.
After classifying the assets of both parties, the court generally must determine the value of the property before deciding how to distribute it (unless, of course, the court simply gives each of the parties a percentage interest in a particular property.) To help determine the value of the home, the parties involved must present evidence about the property’s value. At that point, it’s up to the court to decide the best method for valuing the property and to calculate the value.
3. Distribute the property fairly between the divorcing parties.
The court must equitably distribute the property as a whole. The court doesn’t have to divide every asset; instead, it may award something things entirely to one party and other things to the other. The court may award the present value of a property that involves future benefits, such as retirement payments. But if the value is too uncertain or the couple doesn’t have enough marital assets to pay the present value, the court may just award a percentage of future payments.
Going through divorce should not be a stressful time of your life. By choosing a strong and knowledgeable divorce real estate professional that is experienced in handling the challenges that can arise during this time is