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Divorce: Marital and Separate Property
When your relationship ends, one of the hardest parts of the process is dismantling your household and dividing up your belongings. There are likely to be a lot of memories attached to the property, but beyond that, there’s also the realization that these items have Fair Market Value and must be divided based on the divorce settlement.
Regarding Property, your marriage has two types: Separate and Marital. Separate Property is what you owned before you were married. For example, if you owned your own home or car before getting married, that would be considered Separate Property. The other type of Property is Marital Property and that’s whatever you and your spouse bought during the time you were married.
Sometimes, property that is owned before the marriage is converted into Marital Property. An example is when one spouse owns a house prior to marriage and then adds the other spouse’s name to the title after they get married.
When dividing property, the court generally starts with a 50-50 split but your situation may be different… very different. The court will consider many things when dividing your property such as: outstanding loans, the contribution of each spouse to the marital property, the current economic circumstances of each spouse, the conduct of the parties and the custodial arrangements of any children.