What you need to know about dividing your assets in Montana
The way you handle your divorce can affect your future in many ways. The divorce process can be challenging, but the more informed you are, the better chances you have of walking away feeling satisfied.
One of the most tiring parts of divorce is the division of your assets. You’re probably asking yourself who will get to keep the house or if you need to divide a personal inheritance. Once you understand what is available for division, you will be able to plan accordingly.
Community property vs. separate property
Divorce classifies your assets into two categories: community property and separate property. Your community property, or marital property, includes assets that you and your spouse collected during your marriage. This can be anything such as a home or a ranch, a car or other motor vehicles, furniture, valuable artwork and more.
Your separate property is anything that you owned before the marriage. For example, if you had a car before you were married, that is your separate property. Generally, your separate property is not eligible to be divided upon divorce. However, Montana is one of the few states in the country that may allow the inclusion of separate property for division during a divorce.
How does Montana divide our assets?
Montana is an equitable distribution state, meaning your community and separate assets will be divided as fairly as possible based on various factors such as each spouse’s financial status, their contributions during the marriage and their needs for the future.
It’s important to remember that equitable distribution does not guarantee a 50/50 split.
What can I do to protect my property?
Divorce can be messy, but it doesn’t have to be. If you can keep a civil relationship with your spouse throughout the proceedings, you may be able to resolve your asset division without letting the courts decide everything for you.
If you feel overwhelmed by the process or worried about your life after divorce, an experienced attorney can provide you the help you need to get through the process as smoothly as possible.