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Property and asset division in a divorce

| Feb 25, 2020 | Divorce |

Part of the divorce process is the division of a party’s assets and debts. Couples who have prenuptial agreements have already predetermined the distribution of their assets and debts. Prenuptial agreements are binding on the parties. There are various ways in which people could determine the distribution of their assets and liabilities.

According to DivorceMag, divorcing couples can negotiate an agreement between them with the assistance of their attorneys. This is the least stressful and the least expensive way to divide your property. If the parties can not agree between them, they can obtain the services of a mediator, who is a family law attorney with expertise as a mediator. The mediator is an independent third party who works with both parties to help them agree on the distribution of their assets and debts.

According to Marriage, the parties could choose to have the property issues arbitrated. The arbitrator is a family law attorney with expertise as an arbitrator. After consulting with both parties as to how they each want the distribution to take place, the arbitrator looks at the party’s wishes, all the assets and debts, the law and equity and issues an order for the distribution. The benefit of arbitration, as opposed to a trial, is that mediation is more formal, less expensive and, less stressful than a trial.

However, the parties can have a trial and litigate the distribution of their assets and debts. This is the most expensive and most stressful way of handling your case. The judge will listen to the testimony of the parties and of any witnesses that each party calls. The judge will also look at all of the exhibits and all the evidence provided. Then, the judge applies the law and issues an order.