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Division of Property

Division of Property

Separating from your spouse involves a series of complex separation that are not limited to emotional separation or even just physical separation; one of the core factors to be considered in a separation is the division of property. Dividing property can be an emotionally and legally complex process, which may result in tension, frustrating and even hostility between the separating partners. If you are separating from your spouse and want to know more about division of property–including why hiring a lawyer is essential–consider the following guide to property division.

 

What is Division of Property in a Divorce?

 

Division of property is, to put it in the simplest terms, the division of property owned by one or both partners in either a marriage or a common law marriage. Property can include the home itself, vehicles, bank accounts, employment pensions, other owned properties, as well as personal objects/possessions.

 

How Lawyers Assist During Division of Property

 

Division of property is a highly complex process which can involve high stake emotions as well as potential consequences for one or both parties depending on the decisions made regarding the property. For this reason, you should consult with a lawyer rather than attempt to get through the division of property on your own. A lawyer will be able to advise you and your separating partner on every aspect of division of property, which includes but is not limited to:

 

  • Helping you understand any legal obligations you have regarding division of property
  • Explaining the division of overlooked property including pensions, stock options, etc
  • Defining the value of your property
  • Identifying what property is exempt from the division process, including certain inheritances and properties as well as gifts from a third party person
  • Assist in defining the boundaries of the relationship date if necessary
  • Discuss the best options for shared loans and debts
  • Explain tax consequences when dividing property
  • Help discuss who will get the marital home

 

These are just some of the key points that lawyers will help you understand and discuss during the process of property division. The goal of a lawyer is to help guide you through the process with as little stress and emotion as possible. In some cases, your lawyer may need to recommend court action, particularly if there is hostile disagreement about who owns or should get possession of specific property.

 

Our Division of Property Services

 

Our professional legal services can help you get through this potentially frustrating process as smoothly as possible. Our legal team is highly experienced in all areas of separation, including the process of division of property. We will help foster a constructive discussion with your separating spouse and inform you of everything you need to know about dividing property. And if necessary, we will defend your rights to your property in court if an agreement cannot be reached.

 

If you are going through a separation, don’t try to go it alone: our legal services are there to work for you, fight for you, and help you get through your separation as painlessly as possible.

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