We’ve covered the basics about property division, but here are some factors you should also know when making important decisions.
How You Divide Your Property Is Usually Final
Courts will review settlements for child support, custody, visitation and spousal support as life circumstances substantially change, and often you can obtain modifications of these orders. The same is not true with property division. It is rare that a court will review a property division agreement and allow you to renegotiate terms or litigate aspects of property division once the final decree is issued.
What about Your Family Pets?
Currently, pets are still considered personal property. The Animal Legal & Historical Center explains that a court will decide which spouse receives custody of a pet but courts can also grant shared custody or visitation. Even so, the shared exchange is typically similar to requiring a couple to share a car or other item, trading back and forth from week to week.
However, in some courts, the view is changing toward personalizing pets. Some judges have considered what is in the pet’s best interests when awarding custody of the pet.
Avoiding the Pitfalls of Mortgage Issues
When a couple marries, owns a home together, and both spouses work, they typically pay their mortgage using combined income. As a couple, when buying a home they also qualified for mortgage financing based on their combined incomes. After divorce, the spouse who gets the home must qualify for re-financing. However, the bank may not want to finance a single spouse due to higher risks for default. You should carefully consider your finances when deciding what to do with your home during divorce. Gathering practical information before reaching a property division settlement is vital for making realistic decisions.
At C.E. Borman & Associates, we’re glad to answer your questions about property division and assist you in evaluating it from all angles. Reaching a settlement out of court is less costly and preferable for an amicable divorce, and we do our best to help you do that.