How to Reduce Property Division in Your Divorce: 4 Different Ways
In a divorce, property division is one of the most critical aspects. It can often be contentious, and it’s not uncommon for spouses to fight over who gets what. You may have heard that in some cases, couples come up with their own agreements about how to divide up assets without the help of a judge. This article talks about four different ways you can reduce property division in your divorce case!
1) Alimony
Alimony came about to help the spouse who loses their job in the divorce maintain their quality of life. In some cases, alimony is paid from one former spouse to another for up to 50 years. Alimony can be agreed upon before you start your case, or a judge may decide it after the case is over.
2) Child Support
In most cases, child support is paid from one parent to the other. The person paying child support will often pay from $100-$200 per month. The person receiving the support will use it to help care for their child. They may also be eligible for additional benefits from a state government program like TANF (Temporary Assistance for Needy Families).
3) Homestead Exemption
Homestead exemption is a legal principle that says you cannot be forced to sell your home to pay off debt. Homestead exemptions are separate from bankruptcy and serve as protection against creditor lawsuits or judgments on the property. If one spouse agrees not to pursue homesteading, it will give their former partner an advantage in a divorce proceeding.
4) COOPs
A COOP is cooperative ownership of property. If one spouse wants to retain possession of the home, this may be an option for them if it’s possible in their state. They would then become shareholders and have access to all profits from the sale and renting out of the property.
COOPs can be beneficial because they don’t involve the courts and are typically approved much quicker than a divorce settlement, lengthening the dissolution process.
While these methods give you alternatives to property division, many complications may happen while convincing your partner to do the same. This is where a good separation lawyer like Marshall & Taylor can help sort things out comfortably. So, make sure you connect with a skilled attorney specializing in matters like property division after divorce and ask him to guide you through the process.
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