How do assets get split up in a divorce? What happens to your house? Your house may be part of your marital estate, but it is not necessarily divided up in kind. It could be a gift or an inheritance that you both received during the marriage. However, if you have children, your house may also be part of your marital estate. How do assets get divided in a divorce If so, you may be able to keep your home and keep the children while still splitting the mortgage.
Couple’s Assets Will Be Divided Equally
One way to divide assets is to make a list of all assets. You will need to decide who will keep what should be thrown out. You can go through the main list item by piece, beginning with the most valuable items. You can then seek approval from a judge if you can reach an agreement on who gets what. In general, judges will allow property division agreements if the parties can agree on it without hiring a lawyer. However, this does have some disadvantages.
Separate property refers to property that you obtained before your marriage. For instance, you can keep separate property, such as a home you bought before the marriage, even though a portion of that value is considered marital property. However, if you both spent money on renovations and maintenance of separate assets, that money can be considered part of your marital property. If you are wealthy and have substantial amounts of money, you may also want to consider signing a prenuptial agreement. It will spell out what is separate and what should be part of your marital estate.