Facts That You Need To Know About Division of Property During Divorce

During a divorce proceeding, it is always the power of the court to "justly and equitably" award property based on their judgment and final verdict. That is also the reason why it is extremely important to note that the Court is not the type of entity to do things automatically decide when it comes to property division to a point of giving fifty percent to each party. There are lots of cases where in the interpretation of "just and equitable" has meant to be an award of fifty percent but then again, that thing is always the subject of a specific circumstance of the Divorce case.

 

The court is one entity that has all the right, given by the law, to decide and divide marital property. Therefore, it is always a great help to develop a chart or summary containing all of the marital assets as well as the non-marital assets that a couple planning to divorce have. These marital assets may include anything of value which is being accumulated after the date of the marriage. This includes, but not limited to, cash, accounts, investments, pension, 401(k) plans, real estate, investment property, business interests, or even personal property items. Anything and everything that contains value or has any value and was being accumulated after the date of marriage is considered to be as marital property and is subjected to division by the Court. Know more about the PERS QDRO.

 

That is the side of the marital property. On the other hand, when it comes to Non-marital property, these are the properties that was either brought into the marriage by one party (an example of this is a vehicle that was owned outright by one spouse before he or she got married) or if the property was received being the result of an inheritance during the marriage or perhaps it was given as an exclusive gift to that certain party during the marriage. Read http://dictionary.reference.com/browse/lawyer to gain more info about divorce pension. You can also find local divorce attorneys in your area, search for them by clicking here.

 

Another thing that needs to remember as it is also an important aspect in division of property during divorce is to note that the Court assumes that all property is under the "marital" status unless one party satisfies that court by proving that the property being questioned has a valid non-marital claim. This thing is normally done by the use of tracing from CalPERS DRO. Tracing is act of showing a chain of events along with supporting documentation that would lead the Court to believe that the in question property was in a non-marital nature.