Yates Family Law PC
Speak with Michael A. Yates today.
going separate ways?
Changes Lead To Choices Your Expert Guide Through Changing Times
Yates Family Law PC
Speak with Michael A. Yates today.
going separate ways?
Changes Lead To ChoicesYour Expert Guide Through Changing Times
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How is property divided in divorce?

On Behalf of | Feb 2, 2023 | Divorce |

When going through a divorce, it is important that you understand the division of assets and property. After all, this is one of the most stressful and contentious parts of the split for many.

Exactly how does property end up divided and divvied out?

Separate properties

The Business Professor discusses how assets get divided in divorce. Generally speaking, all assets end up lumped into one of two categories: community or separate properties.

In short, separate properties are the properties that you keep, and community properties are the ones that you divide.

Typically, separate properties include things like gifts, anything you owned before the marriage, and inheritance. Do note that it is possible for separate properties to become community properties if you do not handle them appropriately. For example, putting inheritance money into a joint account makes it community property.

Community properties

Community property typically includes things with both your and your spouse’s name on it, things purchased with a joint bank account, and things that you both financed. The “big ticket items” typically fall into this category, like houses, land parcels and cars.

It is possible to engage in mediation during this process so that you can figure out which assets each party would prefer to have. Work out arrangements that benefit both you and your spouse.

The most important thing is to go into negotiations with the idea that you will have to make some compromises, and that you will not get every single thing you want. This will help ease the strain of the process from the start.