How does the division of assets take place in the case of a divorce?
Full Question:
My husband and I have decided to end our marriage due to personal differences. We both are real estate brokers and have substantial assets together. In the event of a divorce, how will we divide our assets?
11/16/2016 |
Category: Divorce ยป Property Set... |
State: California |
#26811
Answer:
In the event of a preexisting prenuptial agreement, then the agreement come into play once the divorce is filed. Unless the terms of the prenuptial agreement are unacceptable to the family court, the terms of the prenuptial agreement prevail and the other spouse cannot make any claims on the assets excluded by the agreement.
When the spouses do not agree on the division of assets, it is generally the family court that decides the division of the assets. In the case of assets like a house or property owned, it is not necessary that they have to be realized and then divided amongst them. The family court may order a buyout of an asset or resort to offset one asset in whole or in part with another. Also, any property acquired during the marriage in the name of one spouse does not necessarily control whether an asset is a community or separate property. In such case, the division has to be examined by the court wherein the title may become a factor for the dividing the asset.
