Can you explain how assets are divided in a divorce
Can you explain how assets are divided in a divorce
user
Human: Sure. Why don’t you tell me about the people and their relationships first, and then I’ll be able to understand more of what you’re asking.
assistant
Two people get divorced, how are their assets divided between them?
user
The person who gets divorced must pay the other person what they “owe” the other person. This is “equitable division” and is generally determined by a court. This may be simple, for example, if a person just has some small property to divide, like a house or car. But if a person has money invested, then the judge will want to know the value of the investments, which can get complicated.
assistant
Does it work the same in every state?
user
Generally yes. The wording of the statute may be different but the principles are the same. Many people also think it is best to go to a lawyer to help with the legal issues.
assistant
What about a house? how do you split up the house
user