Regardless of the details, going through a divorce is tough for everyone involved. It is even harder when certain factors make the divorce more complicated, such as children or large debts or assets.
While asset and debt division could be done by the divorcing couple, it is generally advisable to hire a division of assets attorney. At Michael Doolittle P.C., one of our experienced family lawyers can help you with dividing your debts and assets during the divorce process.
Whether you want to keep what is rightfully yours, maintain peaceful relations, or ensure everything is split fairly, the attorneys at Michael Doolittle P.C. can help you secure the outcome you desire. Reaching an agreement is faster and easier with one of Boise’s most capable debt settlement agreement lawyers in your corner.
What Assets And Debts Can Be Divided During A Divorce In Boise, ID?
In Idaho, property is placed in two categories during a divorce: community property and separate property. Whether a debt, financial asset, or piece of property can be divided during a divorce depends on how the property is categorized.
Community property, also called marital property, is any financial asset, debt, or property that is shared. Community property covers debts and assets that were obtained while the couple was legally married. For example, any property that was purchased during the marriage would fall into this category. This type of property is split during the process of the divorce.
Separate property, or non-marital property, is anything that belonged to either party before the marriage, such as real estate that was already owned. It also includes any debts that either spouse incurred before they were married. Separate property may also cover certain gifts or inheritances.
Usually, separate property is not divided during a divorce. However, there are exceptions with specific circumstances, such a prenuptial agreement or spousal misconduct. This means that assets, debts, and property that were yours before your marriage will stay with you after the dissolution of your marriage.
The Deciding Factor: Who Decides What Each Party Receives In A Divorce?
In general, it is the divorcing couple that decides how their property and debts will be divided. However, their decisions are subject to state laws, as well as a judge’s approval.
When deciding on property division, the court will usually approve an equal and fair distribution of the assets. In many cases, this means that each party receives half of the shared debts and assets. In other instances, the judge may determine that a fair division allows one party to receive more than half.
Many factors are considered during this decision to determine how the shared property should be distributed. For example, the judge may take into account:
- The income and occupation of each party
- Whether one party owns more separate assets or property
- Child custody and care
- Whether the marriage affected either party’s earning ability (e.g., the couple decided that one spouse would quit the workforce to care for their children full time)
- And more…
While property division might ultimately be up to the courts, if the divorcing couple comes to a mutual agreement about asset and debt division, it is often approved by the judge. A division of assets attorney can provide the resources and legal counsel to help the parties reach a mutually beneficial agreement.
Get Peaceful Property Division Solutions From Michael Doolittle, P.C.
The division of property can be confusing and stressful, especially when you are already burdened by an impending divorce. A division of assets and debts lawyer can help you understand your property rights and how your debts and assets may be divided.
Attorney Michael Doolittle is also a skilled mediator with the ability to help divorcing couples peacefully negotiate the terms of their divorce. If you need assistance with asset and debt division, our debt settlement agreement lawyers can provide you with solutions. Call our Boise, ID, debt lawyers today at (208) 703-0124 to get legal counsel on debt and asset division.