Divorce is a significant life event that brings about numerous challenges. There are several things that must be decided, two of the most crucial being property division and parenting time.
It’s essential to understand the fundamental principles that go into these critical components of divorce.
Property division in divorce refers to distributing assets and debts acquired during the marriage between the spouses. This process can be complex and contentious.
It’s crucial to distinguish between separate and marital property. Separate property typically includes assets acquired before the marriage, through inheritance or as gifts to one spouse individually. Marital property encompasses assets obtained during the marriage, regardless of whose name is on the title.
It’s a common misconception that equitable distribution means an equal split of assets. Equitable distribution aims to divide assets fairly, which may not always result in a 50/50 split. Courts consider various factors, such as the length of the marriage, each spouse’s financial contributions and their individual needs.
Parenting time and custody
Parenting plans include parenting time guidelines. Those guidelines address each parent’s custody and visitation rights post-divorce. The plan must prioritize the children’s best interests to provide them with stability and nurturing environments. The terms of the parenting plan will govern the arrangement, so they should be set for what’s best for the children.
Each divorce is a unique situation, so it’s critical that both adults carefully consider all options. This gives them the ability to determine what’s in their best interest so they can work toward suitable arrangements. It’s important to note that property division and child custody aren’t dependent upon each other, so they must be considered independently.