How is Property Divided During a DC Divorce?
It is important to seek the advice of a DC Divorce Attorney to assist you in reaching a fair settlement when dividing property due to divorce.
The term “equitable division” is used in DC to describe the process of how your property will be divided when you separate or divorce. This does not necessarily result in an equal division. This means that the division of your property and your debt should be fair to both of you. There is no set formula for reaching a fair division of assets and debts.
Key Factors in Dividing Property in a DC Divorce
A division of property in DC is best reached by negotiating a settlement.
- You will need to determine which property is Separate Property and which property is Marital Property.
- All Separate Property will remain with the person who owns that property.
- To accurately assess which property is marital and which property is separate it is best to contact a DC Divorce Lawyer to assist you.
In DC when you are dividing property through a Separation and Property Settlement Agreement (also referred to as a Separation Agreement or Marital Settlement Agreement), you and your spouse are able to agree to any division of assets that you wish.
How do I Split Up Property in a DC Divorce if I don’t have a Prenuptial Agreement?
Whether or not you have a Prenuptial Agreement, the first step will be to value your property so a fair division can be reached. A DC divorce attorney can advise you on the best way to value your assets so you each receive an equitable share.
All marital property is considered when dividing your property in a DC divorce. This includes retirement accounts and benefits; savings and investments, your home, and any other real estate that either of you owns; vehicles; furnishings, etc.
If you are unable to reach a resolution out of court, then you will have to seek the assistance of the court to divide your property. This is more costly and stressful than working to reach an out-of-court settlement. You also lose control over the outcome of your situation.