Idaho Divorces and Division of Assets
There are many factors to consider when going through a divorce. One of which is community property. Throughout your marriage, you likely acquired property and other assets together that will need to be divided. While there are obvious assets such as the house, bank accounts, and cars, there are many other things that have to be taken into consideration when dividing property.
The state of Idaho practices equitable distribution as a system to fairly distribute assets and liabilities to both parties. Only assets acquired in the duration of the marriage are subject to division and are considered community property. In most circumstances, property acquired before marriage, such as inheritance, is deemed separate property.
In Idaho divorce proceedings, it is assumed that assets and debts acquired by both parties are divided substantially and equally. However, some circumstances may allow for the Court to advise for inequitable division. A divorce attorney is responsible for gathering information about the assets and determining whether they should be considered as community or separate properties, and how they should be equitably divided.
Community vs. Separate Property
Community vs. Separate Property can be incredibly difficult to determine, especially if the marriage has taken place for many years. At the end of a marriage, each party may feel entitled to certain property and ultimately, the Court will determine who maintains ownership. The longer a couple has been married, the more difficult it is to determine whether the property is community or separate. For example, an asset that once belonged to an individual before the marriage may have been used to fund other acquisitions during the marriage. When separate assets become combined with community assets, they may later be considered community property. Many factors are taken into consideration to classify property such as how long the separate asset has been shared and how the combination has been utilized. This creates a significant area where the distinction between separate property and community property is blurred.
At Hardee, Piñol & Kracke, PLLC our attorneys will work hard to trace a separate asset that has been combined back to its origin and restore the property to the proper party. While there are several ways to go about this, it is crucial to have legal representation to ensure your marital assets are divided fairly and reflect the contributions made by each party.