Assets and earnings that have been accumulated during a marriage must be divided
upon divorce through a process called "Equitable Distribution”. These
assets are divided fairly, but not necessarily equally.
Generally speaking, often two thirds of the assets go to the person who was the
higher wage earner and one-third to the other partner. So when it comes to
property division, it does not mean an actual physical division, but instead the
court will award each spouse a percentage of the total value of the property.
It’s always best if people involved in the divorce come to an amicable
agreement. However if there’s a disagreement about the property, trying to work
out an arrangement that is fair is always the best way to go. For example, some
couples sell the marital property so that they can divide the proceeds.
Business Ownership Property Division
If one spouse owned a business
before the marriage, it remains his or her separate property after the marriage.
A portion of the business may be considered community property if the business
grew in value during the marriage. If both spouses worked at developing the
business, it can also become community property. If separate property is joined
with community property during the marriage, it may also become community
property. The circumstances can be complex. Attorneys at the Upstate
Law Group, LLC are experienced with parsing through the financial details to
determine the percentages that comprise an equitable distribution of business
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