Marital Property Division in an Idaho Divorce
In a perfect world, couples going through a divorce would amicably agree on how to divide their property. However, in an ideal world, couples wouldn’t divorce at all. We don’t live in an ideal world. We live in a world that can get very ugly when it comes to divorce. Spouses will fight about the biggest and smallest items when it comes to property division.
Some of the major assets that have to be divided when a couple divorces are:
- Marital home
- Rental properties
- Vacation homes
- Retirement accounts
- Savings accounts
- Valuable collections
This is just a short list of some of the items that need to be divided in a divorce. There is no end to the number of things couples fight over when negotiating a property agreement. It is not always the valuable and expensive items that couples argue about. Often times, divorcing spouses fight about things like books, picture albums, and coffee mugs!
How Do You Divide Pensions, Retirement and Bank Accounts?
When it comes to bank accounts and pensions, the easiest thing to do is divide it down the middle. Tax law allows people to move money around when they are getting divorced without getting hit with a huge penalty. Here is an example:
- Husband has a retirement fund worth $300K
- Wife has a retirement fund worth $100K
The total amount to be divided is $400K. So, each party gets $200K. But, how do you do this? The solution is easy. You simply transfer $100 from the husband’s account into the wife’s account. There are technical requirements for this, but your lawyer will handle that side of things.
With pension, the parties will add a paragraph to the settlement agreement stating how much each party is entitled to. Or, what is usually done is the parties agree on an amount to transfer to the other spouse. They then use the same method above to transfer the money. If the husband was paying the wife an additional $50K from his pension, he would transfer $150K instead of $100K.
Who Decides if the Spouses Cannot Agree?
If the spouses can’t agree on how to divide their marital property, the court will get involved. The parties will have to attend a mediation of sorts where experienced divorce attorneys will look at their case. They will break down the assets and state how they feel they should be divided. They offer the couple a solution. The couple can choose to accept it and divide the assets as proposed or take the matter to trial.
Contact a Divorce Lawyer in Nampa, ID Today
If you’re going through a divorce, you need to contact an experienced divorce attorney in Nampa today. They understand how the court system works. They know the law in Idaho and will work with your spouse’s attorney to negotiate a fair settlement that works for both parties. If this isn’t possible, they will work hard to get you the best property division possible.