Divorce can be difficult and emotional, and dividing assets and debts can add to the stress. However, it is a necessary part of the process, and understanding how to divide assets and debts can help ensure a fair and equitable outcome. In this ultimate guide, we’ll discuss the key things to consider while dividing assets and debts in a divorce. However, keeping in touch with the divorce lawyer in Kolkata can be a decent idea for you.
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Assets
Assets include any property, investments, or possessions that have value. The first step in dividing assets is to regulate what is marital property and what are different assets. Marital property includes anything acquired during the marriage, while separate property is anything acquired before the marriage or after the separation. In general, separate property is not subject to division in a divorce. To settle property-related matters for divorce, you should do well to speak to the property lawyer in Kolkata.
Once the marital property has been identified, it must be valued. This can include real estate, vehicles, retirement accounts, and personal property. It’s essential to get an accurate valuation of all assets so that they can be divided fairly. Once the value of the assets has been determined, they can be divided in a number of ways, including:
- Selling the assets and dividing the proceeds correspondingly.
- One spouse keeps the asset, and the other spouse is awarded assets of equal value.
- The assets are divided equally between the spouses.
Debts
Debts include any outstanding loans or financial obligations. Like assets, the first step in dividing debts is determining marital and separate debts. Marital debt includes any debts incurred during the marriage, while separate debt includes any debts incurred before the marriage or after the separation. In general, separate debt is not subject to division in a divorce.
Once the marital debt has been identified, it must be valued. This can include mortgages, car loans, credit card debt, and other outstanding debts. Getting an accurate valuation of all debts is essential to divide them fairly. Once the value of the debts has been determined, they can be divided in a number of ways, including:
- Each spouse takes responsibility for the debts they incur.
- The debts are divided equally between the spouses.
- One spouse takes responsibility for all the debts in exchange for other assets of equal value.
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The Closing Thought:
Dividing assets and debts can be a complicated and emotional process, but it’s essential to approach it with a clear head and a focus on fairness. It’s essential to get accurate valuations of all assets and debts and to consider all the possible options for division. In some cases, it may be necessary to seek the advice of a financial professional or a divorce attorney to ensure the division is fair and equitable. By approaching the process with care and consideration, both spouses can move on with their lives and start afresh. You can always prefer contacting the expert divorce lawyer in Kolkata to settle all the matters.