When a couple divorces, the division of matrimonial property is an important issue to be resolved. This can be a complex process, as there are many factors to consider.
In most cases, each spouse is entitled to an equal share of the marital property such to some exemptions. This includes all assets and debts acquired during the marriage, regardless of who owns them.
There are a few exceptions to this rule. For example, if one spouse inherits or receives a gift from a third party specifically for their personal use, that property will usually be considered separate property.
Both parties are obligated to disclose all information relating to their debts and assets. Once all the assets and debts have been identified, they must be valued. This can be done by hiring a professional appraiser or by using publicly available information, such as the current market value of a property.
After the assets have been valued, the spouses must decide how they will be divided. This can be done through negotiation or by going to court. If an agreement cannot be reached, the court will decide based on the law.
It is important for parties to seek legal advice before they have agreed on how to divide up their property.