Dividing assets in a divorce

One of the biggest parts of a divorce is splitting up the assets, which requires understanding of state laws, honesty and compromise.

Many couples in Idaho face the prospect of divorce. According to the Washington Post, roughly one-third of marriages in the country end in divorce even though most people think it is closer to 50 percent. When this marital separation takes place, the couples have to divide up their property and come to an agreement. Splitting up assets can get messy especially when people cannot agree on what should be done.

Understand community property

Not all assets are available for division in a divorce. If one spouse had property before the marriage, it may be considered separate property. However, any separate property has to have been significantly designated as such and kept separate throughout the union. Married people may designate assets earned after the union as separate property.

Otherwise, assets gained or earned during a marriage are considered to be the property of both spouses no matter who brought them in. Anything considered community assets is subject to be divided between the couple. If left to a judge to decide, the assets may be divided directly in half.

Remain up front

During this process, it can be hard for a person to remain in the right frame of mind. Fights may break out over items that have emotional or financial meaning. Both people should try to stay honest with one another about what they want out of the division. Even though the wishes of the two may not match up, it can still be beneficial to remain open and honest.

If the divorce is contentious, the people may want to keep certain assets from the other one at all costs. However, hiding assets is never a good idea and could cause more trouble. It is best for the entire process if both parties are able to remain honest.

Work with a mediator

When couples cannot agree how belongings should be split up, they may need to work with a mediator. This professional can help the people figure out who should get what after the separation is completed. While a mediator does not decide who gets what, he or she can help the exes come to an agreement. Working with a mediator or another legal advisor can help keep the division in the hands of the couple. If an agreement cannot be reached, the belongings may be divided by a non-biased third party without any say from the couple.

Splitting up property in Idaho during a divorce is not always easy. No matter what the circumstances of a separation, it may be beneficial for the couple to work with an attorney who is familiar with this type of family law case.