Processing Property Division During a Divorce
No matter how over a relationship you are, it is always difficult for a couple to go through a divorce. This is applicable to the general people and celebrities as well. Not only splitting away from each other, but the other processes are also quite complicated. The properties that a couple own are considered as joint property after marriage. And at the time of divorce, division of such assets takes place. The divorce lawyers in OKC recommend a prenuptial agreement to avoid these problems with assets if the relationship should come down to a divorce.
A prenuptial agreement allows the couple to evade divorce law and avoid the set property division requirements. Generally, the law says to divide assets into equal halves. But with a prenuptial agreement, the couples can talk over the issue ahead of time so that both parties already know where they stand if a divorce should happen.
Point to Be Noted!
Despite having a valid prenuptial agreement, the court is entitled to monitor the process of property division. A judge will process an investigation to be sure that no spouse is unfairly benefitted with the division. The terms of a prenuptial agreement is upheld unless there is prominent evidence of misconduct.
The Division Process
It is imperative to give the spouses time to discuss and negotiate the division of property. After they come to a mutual point and agree to share the assets equally, the division can be processed. Assets include all individual property as well. This means:
● Ensure all sources of income, royalties, property ownership, retirement benefits, vehicles, stocks and anything of similar value.
● Each of the assets should be tagged in terms of value.
After the assets are valued and identified, they have to follow some more steps to start the allocation and division process. In OKC, their divorce lawyers can help them with these process details.
They have the option to sell their assets and divide the profit. This is difficult for some assets, but in most of the cases, it works fine.
If selling is not an option and a spouse wants to have sole ownership on an asset. The other spouse can choose multiple other items in order to get the same valued asset.
Not only assets, but also debt has a role to play. In exchange for a larger valued property, one spouse can take on an extra share of the debts.
This is just some of the information needed in a nutshell, but there is lot more. You can contact divorce lawyers in OKC to learn the process details. Contact us at Mazaheri Law Firm so that you don’t regret anything in your divorce.
** Disclaimer: This blog content is no substitute for legal advice and in no way implies a lawyer-client relationship.