Going through a divorce is agonizing. It’s an extremely tough process that will leave you feeling emotional for weeks, months, or even years. Adjusting to a life without your spouse (now your ex-spouse) can adversely affect the quality of your life and even increase your risk of mental health problems.
For you to move on easier and faster, you need to muster up your confidence and work with your ex-spouse on dividing assets. This process is often long and complicated but is necessary when getting a divorce in Odessa or any other state.
The process of dividing assets between ex-spouses is done under one of two schemes. These are community property and equitable distribution.
What Is Community Property (Minority of States)?
If your house or other properties are located in a community property state — Alaska, Arizona, Idaho, California, Louisiana, New Mexico, Nevada, Texas, Washington, and Wisconsin — and were bought during the marriage, then the profits from the sale will be split equally.
However, if you or your spouse brought the property prior to the marriage, those assets are considered separate properties and won’t be split as part of the divorce.
In short, there is an absolute 50-50 split of all properties acquired during the marriage if these properties fall into community properties.
What Is Equitable Distribution (Most States)?
Properties located in any other state that were acquired during your marriage should be divided fairly based on the factors decided by the courts. These factors include:
- The amount of money each spouse earns currently;
- The overall earning potential of each spouse; and
- The value of a spouse raising the kids or staying home.
Equitable distribution is different because more assets have to be considered, and the split between the ex-spouses isn’t necessarily 50-50.
Work With Professionals
Now that you know how complex property division is between ex-spouses when going through a Odessa divorce, make sure that you work with an experienced attorney to help you out. They can help make the divorce process easier and stress-free.