Prenuptial agreements are used by couples to make decisions regarding their assets before they officially get married. These agreements are referred to upon divorce proceedings. In these agreements, there is a disclosure of what assets belong to each spouse as an individual rather than the couple. This can help to clarify what is marital property and what is separate property. Although these agreements are set before a marriage, they can be amended. If couples do not make a prenuptial agreement before a marriage, they may be able to form a postnuptial agreement. This agreement is the same concept as a prenuptial agreement but it is made after the couple is already married.
How are assets divided during divorce proceedings?
During divorce proceedings, assets are divided between spouses through equitable distribution. This provides a fair and just division of the assets. However, this does not mean that it is equal. The assets will not simply be split in half and distributed. Instead, the judge will take into account factors that can decide who gets what in the divorce. There are certain factors that can complicate the division of assets. This may include a high net worth of one or both of the spouses. The division of assets can be complicated due to the amount of possessions and the value of them. Some couples may have a high net worth or just one spouse which can further complicate the matter. When it comes to dividing the assets between both spouses, they will need to be deemed marital property or exempt property. Exempt property is acquired before the marriage between the two individuals was made official. This property is deemed to be separate property since it was acquired by the individual. Assets and debts that were acquired by these individuals before their marriage was made legal are not subject to division. However, marital property can be brought into the division. This property is acquired after the couple was officially married.
Since this process splits possessions, it may become heated between the spouses. It may cause them to fight over certain valuables. During this process, make sure to have an experienced attorney on your side to get what you are entitled to. You do not want to lose precious assets or sentimental items during this step in the divorce process.
Ross and Calandrillo, LLC is a full-service divorce, family, and real estate law firm located in Mountainside, New Jersey. For strong legal representation in all of your divorce or family law matters, contact Ross and Calandrillo, LLC to schedule a free consultation.