The Rights and Obligation on Everything that You Owned

Marital assets refer to all the property that is jointly owned by a married couple, or the property that either of them purchased during their marriage tenure. Everything that you owned or acquired before your marriage is your separate property. However, if you mix your separate property with your marital property, it no longer remains your separate property. For example, your re-title your house by making your spouse a co-owner or you deposit your savings into an account owned jointly by you and your spouse. Couples have two broad choices when it comes to dividing the family house as property settlement agreement. If both parties want a clean and straightforward settlement, selling the property may be a good idea. However, selling a house in the current market can be difficult, and you will have no idea how long it might take. As a result, you may have to hold on to a home you no longer want or sell at a reduced price for a quick sale.

In situations where one spouse wants to keep the house and the other wants to sell, or if both the parties want to keep the house, the court may give property settlement agreement Tweed Heads where in the ownership of the house to the partner who gets the custody of the kids, but at the cost of other valuables that he/she wishes to retain. The spouse who receives the house can “buy out” the other’s interest in the property. If your ex-gets the house, make sure that you get your name removed from any deeds, mortgages, or other rights or obligations on the property. In both cases, the property will be first valued for a settlement. If the parties can’t agree upon a price, the court may order a joint report from a local estate agent or surveyor. If You Have a Separate Savings Account: In this case, your savings will remain your property. If your partner has a power of attorney over your savings account, you can withdraw it at any time without his/her permission.

If you have joint savings accounts: In this case, neither of you can access the account without the other’s permission. Both of you will get an equal share out of the savings account as part of property settlement agreement Tweed Heads. However, the money that solely belongs to you (like your salary) stays only with you and your spouse gets no hold over it. Both parties should work out who will take what in property settlement agreement. For this, they should agree on a value for all the items so that the one who keeps them pays their share of the cost to the other. If either of the parties cannot agree on the value of the items, the court may order a sale and split the money accordingly. The couple may also need to hire someone to assess the value of the items. If you live in an equitable distribution state like Illinois, you may want to consider a divorce lawyer who can help you meditate with your spouse over the property settlement agreement. Remember, sometimes the cost of hiring someone to access the value of your household items can be more than the total value of the items. So try to sort this out internally with your spouse in consultation with your lawyer.