Following Divorce, How Marital Property Division Works in Meridian, Idaho?
I almost all married couples filing for divorce, Marital Property division is often to be one of the huge challenge. If they cannot agree on how to share their assets and debts, they will take matters to court. The best way to understand the challenges of property division is to review the Idaho laws in force. This is one of the first things Idaho Divorce Center family attorneys do when taking over a new case. We will do it in the following lines as well.
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MARITAL PROPERTY, DEBTS, & DIVISION ACCORDING TO IDAHO LAWS
In Idaho, marital property division follows the community property law. The spouses have equal rights over any debts and assets they acquired during their marriage. The law refers to these assets and debts as community property. It also acknowledges a second type of property – separate.
The line between community and separate property is very thin. In theory, community property includes the assets and debts the spouses acquired during the marriage. Separate property includes assets and debts obtained before the marriage and after the divorce.
However, some assets or debts the spouses acquired while married may qualify as separate property. Common examples include gifts, inheritance, and addiction-related debts. Similarly, some assets the spouses acquired before marriage may become community property. A premarital savings account becomes community property if the other spouse makes deposits.
In some cases, the court may decide that a certain property is partially community and partially separate. One example is a business one of the spouses started before marriage and developed with their spouse. Of course, the parties will need to produce evidence to prove any claims they make.
The division process is not as easy as it seems. In order to understand its implications, it may help to look at the steps the parties have to follow.
Inventorying assets and debts – The spouses will need a complete list of all their assets and debts.
- Determining the nature of each asset, whether it’s separate or community
- Assessing the value of the assets and debts
- Trying to reach a property division agreement based on trade-ins, sales, and buy-out options
- Going to court.
The ideal situation is for the parties to settle property division amicably. Unfortunately, this is not always possible, and taking a case to court is not easy. It requires compliance with numerous formalities, time, and resources many people do not have. The outcome depends less on the facts and more on what the parties can prove.
If you or your spouse is filing for divorce, you should not go through the property division process alone. No matter if you wish to settle or go to court, you need all the help you can get. Free yourself from the hassle.