When most people get married, they are not thinking about what may happen if they get divorced. For some Lake County residents, however, marriage does end. For those who are separating, property division can become an issue. On top of the house, savings account and appliances, there are also other things to consider, such as debt. It is good to have an understanding of who will be responsible for debt once the divorce papers are signed.
When couples in Lake County, and other localities, get divorced, one of the major steps is dividing marital property and assets. In some cases, if an agreement is not reached between the two sides, a judge may step in and decide how to divide their funds and properties. A judge will often use factors including the marriage’s length, both spouses’ careers and earning potentials, and the complex valuation of their assets and holdings to help them determine the distribution. If one spouse or the other conceals funds or other assets, it can affect the asset and property division.
Property division in a divorce is rarely a simple matter. Both parties are focused on an equitable division but may have different ideas as to what that actually means. There can be personal as well as business assets involved and some are easily quantifiable while others may not be. Simply put, dividing marital property is a complex matter.