When couples get divorced, one point of contention is property division. That’s one reason it makes sense to discuss such things before walking down the aisle and getting hitched.
Unfortunately, many marriages break down. Couples who are kind and considerate while still in love can do a 180-degree turn when things go south. If your worst nightmare materializes and your marriage comes to an end, property issues might be a factor.
Whether you have a family home, a cottage, a rental property, or some other real estate, you and your ex must figure out how to divvy up marital assets. If this can’t be done amicably with the help of your respective lawyers, a judge will step in and decide. That scenario is worth avoiding since neither you nor your ex will have much control if the decision is left to a judge.
While the goal after getting married is to stay together forever, here are four myths about property division should marital bliss turn into marital discord and end in a divorce.
Myth #:1: The Courts Always Divide Real Estate 50-50
A prenuptial agreement is a good idea to avoid problems concerning property distribution. Otherwise, you and your partner will have to come to an agreement or roll the dice and let a judge decide. But it’s a myth to suggest that the courts will, without question, split marital real estate 50-50. They might, under some circumstances, but there’s no guarantee that’ll be the case.
A judge will consider factors like who has custody of the children, salary disparities, and other things. It’s in your and your ex’s best interests to work something out. That’ll require some give and take, and the lawyers involved can help with that.
Finding a reputable family law attorney is your best bet if you have questions about property division. The more you know, the better your decision-making will be. And that’s especially important if there are children involved. They will be adversely impacted by the divorce. It makes sense to remove as much contention from the process as possible.
Myth # 2: Businesses Aren’t Part of Marital Property
Don’t fall for the myth that businesses don’t qualify as marital property. If you or your spouse owns a business, that will be factored into the equation when a judge determines the distribution of property. Again, if you have questions about this, the best person to ask is your lawyer who can provide information relevant to your situation and jurisdiction.
Myth #3: Whoever Earns the Majority of the Money Gets the Real Estate
You should also avoid the error that the party with the most money invested in the real estate gets to retain it after marital breakdown. Any real estate bought during the marriage is classified as marital property even if one party invested most of the money to buy it. That’s also the case even if the title is under one party’s name rather than both parties.
The judge will consider various factors like the income of each spouse, the financial and non-financial contributions, the reasons the marriage failed, and more.
Myth #4: Property Purchased During Separation Isn’t Considered Marital Property
If you buy property during a period of separation, the real estate will be considered marital property. Remember that separation isn’t the official end of the marriage. The official end only comes after a divorce. Keep this in mind if there’s a separation ahead of the eventual divorce.
Don’t fall for any of these four myths. If you have any questions, your best resource is your lawyer. You’ll get the correct information, which will equip you to make the right decisions.