Idaho Divorce Laws for Marital Property Division
In a perfect world, couples going through a divorce would amicably agree on how to divide their property. However, in an ideal world, couples wouldn’t divorce at all. We don’t live in an ideal world. We live in a world that can get very ugly when it comes to divorce. Spouses will fight about the biggest and smallest items when it comes to property division.
- Marital home
- Rental properties
- Vacation homes
- Cars
- Pensions
- Retirement accounts
- Savings accounts
- Art
- Jewelry
- Electronics
- Valuable Collections
- Timeshares
- and the list goes on...
There is no end to the number of things couples fight over when negotiating a property agreement. It is not always the valuable and expensive items that couples argue about. Often times, divorcing spouses fight about things like books, picture albums, and even coffee mugs!
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Following Divorce, How do you Divide Pensions, Retirement, and Bank accounts?
When it comes to bank accounts and pensions, the easiest thing to do is divide it down the middle. Tax law allows people to move money around when they are getting divorced without getting hit with a huge penalty. Here is an example:
The husband has a retirement fund worth $300K, while his wife has only $100K. The total amount to be divided is $400K. So, each party gets $200K.
But, how do you do this? The solution is easy. You simply transfer $100 from the husband’s account into the wife’s account. There are technical requirements for this, but your lawyer will handle that side of things.
With pension, the parties will add a paragraph to the settlement agreement stating how much each party is entitled to. Or, what is usually done is the parties agree on an amount to transfer to the other spouse.
They then use the same method above to transfer the money. If the husband was paying the wife an additional $50K from his pension, he would transfer $150K instead of $100K.
Who decides if the Spouses Cannot Agree?
The court will get involved in case the spouses can’t agree on each terms on how to divide their marital property. The parties will have to attend a mediation of sorts where experienced divorce attorneys will look at their case. They will break down the assets and state how they feel they should be divided. They offer the couple a solution. The couple can choose to accept it and divide the assets as proposed or take the matter to trial.
Going through a divorce comes with a lot of things to deal with. That’s why having an experienced divorce attorney that can help you negotiate a fair settlement with your spouse’s attorney can go along way. With Idaho Divorce Center, we guarantee that we work hard to get you the best property division possible.
