Divorce is defined as the legal action that effectively end a marriage. Both parties use the divorce process to officially dissolve their marriage, no matter which party officially files for divorce. Divorce is also the legal action that effectively ends a marriage before the death of either spouse.
Divorce also marks the end of both parties sharing their property with one another. The property division aspect of divorce effectively divides both parties’ joint assets and property between each other. The point of property division isn’t to make things completely equal between both parties, but fair. That doesn’t mean the process isn’t any less tricky, though.
Ways to divide property during divorce
Property division, in the context of divorce, usually happens in two ways. It usually happens between both parties without the intervention of a judge. In non-amicable divorces, a judge decides how property and assets get divided between both parties.
The property and assets that get divided in a divorce are referred to as community property or marital property.
Dividing property between both parties
The best way to divide property is among both parties without the intervention of a judge. In addition to that, it’s important for both parties to be completely honest about the assets that they might have in their name. That includes telling the other party about any hidden assets they might have in their name.
To get started, both parties should make a list of their all of their owned properties. After that, they need to valuate the property together. For property like homes, businesses or other difficult to value assets, it’s best to enlist the help of a professional appraiser to provide assistance.
Sometimes, adding up the value of the properties belonging to either party can decide who owns certain properties. That usually helps both parties come to an agreement about ‘equally splitting’ property amongst themselves.
After deciding how to divide up the property, it’s required to get a judge’s approval before proceeding with acquiring the property. The court usually approves any agreement that both parties have reached, as long as the agreement is reasonable and satisfactory between both parties. In rare cases, such as one party not having legal representation, the judge may make assessments on their own to decide whether the property was fairly divided between both parties.
Ultimately, property division between both participating parties should be a civil process. That allows the property to be divided fairly among both parties and keep them relatively pleased with the results of their divorce.