Property division is often one of the most difficult outcomes to predict in a divorce case. Both parties are worried about what they may lose, and some divorce cases can get hostile with ex-spouses clamoring over the last penny. If you are about to undergo a divorce, you will need a Charleston divorce attorney who can help you to protect your assets. Below are some things you should consider when it comes to property division in a divorce.
1. Property Bought/Owned Before The Marriage
Many times divorcing spouses worry that the assets they bought or were gifted to them before a marriage will be susceptible to property division. Typically this property, including inheritance money and other gifts, is awarded to the spouse who owned them prior to the marriage. However, if this property was used jointly or as an investment by the couple that both could mutually benefit from, this may not be the case. For example, if one spouse inherited money and that money was invested into the house, it will be difficult to solely claim the increased value of the home during a divorce.
2. The Effect Of Having a Joint Bank Account
A joint bank account that both parties contribute to and draw from will most likely be considered joint property and split in a way that the judge deems most fair. This does not necessarily mean the account will be divided evenly or even proportionally. This includes assets that may have been purchased or refurbished with money from a joint bank account. For example, if you owned a car before the marriage, but bought parts or remodeled the car with money from a joint bank account, then that property my be partial to property division.
3. Know Your Numbers
To protect your assets in a divorce, you should keep a detailed record of your personal finances. By knowing what you contributed to the marriage, you are more likely to retain your assets. Know your net worth, as this will be an important number when determining many of the issues that need to be resolved in a divorce. You should also document your bills and how they were paid off. Lastly, freezing joint accounts during a divorce can also help to protect your assets.
When filing for divorce, you need a trusted divorce attorney in Charleston who has your best interests in mind. The family lawyers at Ayers Family Law Firm know how to best manage your finances during your divorce case, and will use the law to the best of its ability in order to protect your assets.
— Written By Hunter Gardner