Property division is a hot button item in divorce. Couples that are splitting up always want to make sure that they are getting what is rightfully theirs in a divorce, financially speaking. Going through a divorce is extremely difficult in and of itself; but going through a divorce and having to worry about one's financial security can be even harder. Dividing up the property and valuating the assets from a marriage for purposes of divorce can be time consuming and complicated depending on the length of the marriage and the amount of property that has to be divided.
Each state has a different way of handling divorce and property division. State statutes on divorce govern this type of issue. For instance, in California, the courts look to make the property division equal between the parties involved. Now the parties themselves can come to an agreement and take it before the court for approval or the court can make the determination of the how the property will be divided essentially deciding who gets what. The courts will only divide marital property, which is property that the couple acquired during the marriage.
There are positives and negatives to having the courts involved in this process. One of the good things about having the court make the final decision on how property will be divided is that the court will treat each party fairly, taking into account and utilizing all of the information in such a way as to ensure that the division of assets is equal. Also, when the court is steering the process, there is lesser likelihood that a party will be deceitful or dishonest for fear of legal implications. On the other hand, the parties are bound by the court decision, which may not leave room for any type of side agreements between the parties. There is something to be said for handling the matter internally prior to seeking court help.
Regardless of how a couple decides to proceed in property division matters, knowing and understanding the process in its entirety is necessary.