You may not have known this, but the United States has the sixth-highest divorce rate in the world. Between forty to fifty percent of couples will eventually divorce. When this happens, one of the most difficult things to do is sort out the division of assets.
There can be a lot of confusion when it comes to the division of assets, and it’s hard to know what’s a myth and what’s the truth. That’s where Morris Firm for Men comes in.
We’ll explain the division of assets and how an asset division attorney can help you. We’ll also explain how to find an asset division lawyer.
Keep reading to ensure you’ve got your best chance at a fair division of assets.
Division of Assets: Myths vs Truth
There are a lot of myths when it comes to the division of assets. You may have heard conflicting things when figuring out what counts as a marital asset and what does not, or that the division of assets is always perfectly fair.
No matter what you’ve heard, there’s a good chance that some of the information you’ve been given is a myth. Not to worry- finding the correct information is easier than it seems.
We’ve debunked a few of the most common myths below. This will give you an easy starting point so you know more about how to identify a possible myth later on.
Equal vs. Fair
Despite what most people might think, split assets in a divorce aren’t perfectly equal. Common laws aim to make sure that the division of assets in a divorce is fair. The statement of law is that the court shall divide all marital assets by what’s call equitable division. Meaning a “fair division” not necessarily and “equal division”.
Most laws base a fair division of assets on a number of factors, such as each person’s financial standing and ability to support themselves. Unfortunately, this means that a fair division of assets isn’t always an equal division of assets.
To ensure the split assets are truly fair, you should always consider hiring an asset division lawyer. Don’t try to fight your case all on your own- that may lead to an unfair division of assets.
There are also marital assets vs. personal assets to consider. Marital assets are determined and split fairly between parties. Personal assets typically remain with the person they belong to.
What’s Considered an Asset
You may have heard that things such as businesses, a title, or property acquired while separated don’t count as marital assets. This is, unfortunately, another myth.
Businesses and business interests can be considered marital property and are often divided as such.
The title being in one person’s name doesn’t affect its position as a marital asset. If it was acquired while you were married, it could count as a marital asset.
This includes properties gained while separated. A couple is still legally married while separated, meaning any property you’ve bought can be included in the division of assets in a divorce.
The only exception to this is when a property was inherited specifically by one spouse. Exceptions can also be made if a gift was given to one partner in specific.
Retirement Accounts
Retirement accounts are often considered marital assets by the common laws of the state you reside in. This is because, for most people, much of the funds in the retirement account were earned while the couple was legally married.
Only the funds that you gained before the marriage won’t be subject to the division of assets.
These are just a few of the myths that you have or might encounter when pursuing a divorce. It’s important to continue to do research as you hear new information so that you’re certain the information you’re given is accurate.
Make sure you’re researching the common laws in your state- what holds true for one state may not for another.
How Asset Division Attorneys Can Help
The first thing you should always do is hire a divorce attorney, specifically one specializing in the division of assets in a divorce. You should never try to handle the complicated proceedings of a divorce on your own.
People often don’t know much about how divorce laws work in their own state. Therefore, trying to make sure that a fair division of assets occurs is difficult. You may even lose out on some of your assets.
An asset division attorney can help you make sure the split assets are actually fair instead of biased towards a certain party.
In addition, dividing assets that were once jointly owned may require paperwork with which you may or may not be familiar. An attorney experienced in this field can help you sort through all the paperwork so that you have an accurate report of your finances on all sides.
How to Find an Asset Division Lawyer
Finding an asset division lawyer is as simple as finding a regular divorce attorney. All of the same principles apply.
The first thing you should always look at is the experience an attorney has as well as their record of cases won vs. lost. You should search for an experienced attorney who has handled plenty of cases just like yours.
Do your research to ensure you’ve chosen a firm with the knowledge and skills necessary to handle your case.
In addition, look for references and testimonials on the lawyers you’re considering hiring. Client feedback will tell you everything you need to know about how the attorney handled a client’s case and how well they worked with their client.
Make sure to ask friends and family for recommendations as well. You know these people, so they will be able to steer you toward an attorney who meets your needs.
Contact Morris Firm for Men Today
Now that you know the truth about the division of assets and how an asset division attorney can help, you’re prepared to reach out to an asset division lawyer. Who better to go to than the Morris Firm for Men?
You deserve to have as equal a divorce as possible, and we can help you get that. All you need to do is reach out to us and fill out the attached form. We’ll return your response as soon as we can.
Let us help you out – take the chance to get your equal divorce today!
