Property Division in a Divorce
Are all assets split 50/50 in divorce? This is a common misconception about divorce proceedings. Splitting assets in half are not the default; it's quite rare. It's also not possible for one person to get everything and for another to get nothing. That's more like a no-fault divorce and somewhat rarer than regular divorce proceedings. No-fault divorces are often reserved for couples who have been separated for extended periods and cannot agree on financial issues. Property Division Process In most cases, when a couple decides to divorce, they will have to go through a property division process in which they agree on how their assets should be divided. This can be done informally as part of an uncontested divorce, or it can involve hiring a lawyer and becoming involved in a contested divorce proceeding. As part of property division, some assets might be considered community property, and others may be considered separate property. Community property includes assets acquired ...