What to Know About Property Settlement During Divorce

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There are several misconceptions when it comes to property settlement during a divorce. These misconceptions can lead to confusion for you during your divorce proceedings. Before you begin the property settlement process, there are a few things you should know. Here are a few of those key points to help remove the common misconceptions about property and using a property settlement lawyer.

Previously Owned Items

One of the biggest misconceptions with property settlement deals with previously owned property. Property that you entered the marriage with will fall under this category. This includes jewellery, cars and even real estate property. If you entered into the marriage with the property, it will likely return to you during the divorce. If you have had your spouse's name added to property deeds, you may have to prove you owned the property prior to the marriage in order to have the spouse's name removed and the property returned to you. If you have a prenuptial agreement, the agreement will be considered, and property will be handled according to the agreement.

Monetary Assets

Monetary assets consist of bank accounts, retirement savings and other accounts that have monetary value. You may have an agreement to split the assets that were gained during the marriage. You may also have some debts that would be considered during this stage of the property settlement. These debts will be settled and distributed according to the names on the bills as well as the determination of the property settlement lawyers. All aspects of the debt and the monetary assets will be considered and connected to who created them and who owns them.

Jewellery and Appraised Items

Jewellery is an item that many people overlook during the property settlement process. Your lawyer may ask you what appraised items you have and will include jewellery in this category. If you have appraisal certificates, they can be used to determine the value of the items. They can also help with item ownership and who will receive those items. If the items were inherited, the determination may come down to who inherited the item and if the item was listed in a legally binding will.

If you aren't certain which items you have that would fall under a property settlement, your lawyer can assist you. They can also help with questions you have about property gained during the course of the marriage as well as items that may be confusing as to who owns it.