3 Crucial Roles A Divorce Attorney Plays During Property Division

Divorce is often stressful for the involved parties because it can have a significant emotional and financial impact. Most individuals who undergo this process are often left with intense feelings of sadness, anger, and regret, which can be overwhelming. But amidst all this, all the rules and regulations governing this process should be followed with utmost care and precision. Some of these rules govern property division. In this article, you'll learn the three crucial roles divorce attorneys play during property division.

Determining the Assets to Divide 

You may have acquired a lot of property during your marriage. Some of these assets will be considered marital property, while others will fall under a separate property. Marital property is what both of you acquired during your marriage, while separate property is what you owned before marriage.

A divorce attorney can help you determine which assets are considered marital property or separate property. They'll analyze the laws in your state, making sure the division occurs according to the laid down rules and regulations. For instance, if you live in a community property state, all marital debts and assets acquired during the marriage will be considered joint assets, making them subject to division between both of you. Some examples of property that may require splitting include real estate, bank accounts, furniture, appliances, jewelry, and cars.

Determining the Tax Implications of Property Division

The IRS will not care about how you split your property during a divorce, but they do care about how it's done. It's important to know that dividing assets can have tax implications for you and your spouse. A good divorce attorney can help you prepare for these implications and ensure that you're paying all the right taxes on your property division. Additionally, if you and your spouse are splitting retirement accounts, they'll help you navigate through all the tax implications.

Determining Whether You'll Receive Alimony

If you've been married for a long time and are suffering from a lack of income or are unable to work due to injury or illness, you may qualify for alimony or spousal maintenance. However, not every divorce will result in alimony payments. A divorce attorney can help you determine if alimony is suitable for your situation and how much you'll receive if the court grants it. They'll also negotiate the terms of your alimony agreement with your spouse's attorney. The amount and length of payment will vary depending on the circumstances of your case and the laws in your state.

Hiring a divorce attorney when separating is essential. They'll ensure you receive all the assets and rights you're entitled to and prevent your spouse from taking advantage of you.