How Matrimonial Assets Are Divided In Divorce?

by Julia

Divorce is a sensitive legal process to deal with. It includes many tricky court proceedings. When a marriage turns into divorce, the division of assets is a vital and skilled task. The main part of assets divided in a divorce is the matrimonial assets. There are some specific legal guidelines and court proceedings for this division process. You must know all the procedures correctly to drag the court proceedings in the correct direction. Therefore, it would be enough to hire a professional divorce attorney for the matrimonial assets division case. In this article, we will discuss this topic in detail.

What Are Matrimonial Assets?

You must know the correct definition of matrimonial assets so that you can recognize them correctly. The assets which were acquired by you and your partner during the marriage are called matrimonial assets. For example, your pension, family house or car, financial assets such as joint savings accounts, investments, etc., are matrimonial assets. 

Considerable Factors For Dividing Matrimonial Assets In A Divorce

There are some specific factors for dividing the matrimonial assets in a divorce. The court divides the matrimonial assets in a divorce depending on those factors. 

  • The earning capacity and the income status of both the husband and wife must be considered.
  • The division process will depend on the financial needs, responsibilities, and obligations of both parties.
  • If there is any physical or mental disability of either of the parties, the matrimonial assets will be divided according to that.
  • While dividing the assets, the court has to consider the standard of living of the family before the breakdown. 
  • The age of husband and wife and the duration of the marriage is a vital factor. 

In some cases, the court can make necessary orders for the division process. For example, the orders can depend on spousal maintenance, child maintenance, property transfer, pension sharing, contribution in the marriage and properties, etc. 

What Is The Settlement Process?

The marital assets are divided in divorce following some steps. There are specific court hearings in this process. First of all, an application is submitted to the court. The first hearing will be related to the application. In the next hearing, the court will try to divide and settle the marital assets. In the last hearing, the final division and settlement of the marital assets will be declared.

How Can A Professional Divorce Attorney Help?

As the assets division process in a divorce is critical to handle, you can contact a professional divorce attorney for this case. He knows the legal guidelines better than anyone. He can drag the court proceedings and paperwork in the right direction. The lawyer can help you deal with the complications of this case efficiently. He can suggest to you a good enough way to settle the matrimonial assets in a divorce. 

Conclusion

The marital assets division is a crucial part of a divorce case. It should be completed correctly following all the legal factors and necessary court proceedings. There are complications of this case that must be handled sincerely. A professional divorce lawyer can help you in this matter.

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