One of the least favorite, and most questioned, topics of the divorce process often centers around the topic of property division. Property division is the portion of the divorce process in which a married couple's assets and liabilities are divided fair and equitably. How is this done? Each couple's property division will be specifically tailored to their situation, financially and personally.
So, naturally, the topic of property division can bring up many questions. One of which being, who will keep the house? A family home is not only a place with many memories and emotions tied to it, but it is also generally a wise investment. Usually married couples buy a home together, co-signing on a mortgage and thus there is only one house - which spouse gets it in the property division process? The truth is that if a person is set on keeping the house as their largest asset, they will likely need to trade something large for it, or many things, to keep the asset division fair and equitable.
Another topic that can bring questions, confusion or anxiety is alimony. Alimony can be ordered when divorcing spouses are greatly imbalanced in terms of their professional accomplishments and income-earning potential. Alimony is not awarded in every divorce settlement and, when it is, it can be ordered for short or long term. It can be made in one large settlement or paid out over a specific schedule.
It isn't unusual for other specific questions relating to money market accounts, 401(k)s and shared savings and checking accounts to come up during this time. You may wonder, if you or your partner were the sole "breadwinner," how this will impact the unbalanced nature of the financials. However, marital property division is meant to be fair and equitable.