The process of divorce is not as easy as getting married. Both parties have to discuss a number of issues before the divorce is finalized, or the divorce decree is signed. If it is your first time planning a divorce, you should familiarize yourself with the divorce issues, starting with property division.
Basically, property division concerns a couple’s separate and marital property. Marital property is subject to division whereas separate property will remain with the original owner. If you inherited a large sum of money and put that money in a separate bank account, that money is considered separate property and would not be subjected to division. However, if you put the inheritance in your joint account, it can be declared as marital property and will be subjected to division.
Marital property such as a home is valued during property division. You and your spouse can choose to sell the house and divide the proceeds, or one of you can remain in the house in exchange of other property of equal value. There are various ways to handle property division. First, you and your spouse can enter an create your own agreement on how to divide property and assets. Second is the traditional litigation, where a judge makes the decisions.
Another issue that often arises in divorces is alimony. If you gave up your career to take care of the kids during the course of marriage, you may be entitled to alimony or spousal support. You and your spouse’s income will be taken into consideration in discussing alimony. The amount and the length of support will depend on you and your spouse’s unique circumstances.
Source: Cornell.edu, “Divorce,” accessed on Oct. 2, 2014