What Happens To Assets After A Divorce?
What happens to assets after a divorce?
When a couple gets divorced, they have to decide how to split up their assets and debts. In most states, the law gives each person the right to keep property that was in his or her name alone before the marriage, as well as all property acquired during the marriage by gift, bequest, device or descent (inheritance). For example, if Mr. Jones owned a house before he got married and Mrs. Jones lived with him in that house, she is entitled to keep it after divorce because he owned it before they got married.
To divide up other property and debts in even proportions, courts use one of two methods:
1. The parties can reach an agreement on how to divide assets and debts, which makes making a settlement easier because there is no need for the court to get involved and the spouses can avoid court costs altogether.
2. If the parties are unable and unwilling to agree on how to divide their assets, each spouse must submit an inventory of his or her separate property and debt claims (property with only one spouse’s name on it). The court will then issue a decree dividing their assets in accordance with state law.
If you have any questions about divorce or need a Divorce Lawyer, please call this law firm for a free consultation:
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
