Idaho Division of Assets Lawyer in Boise
Assets Lawyer in Boise
Idaho Divorce Laws on Property Division
Idaho is a community property state. What this means is that all of your marital assets and debts are divided into separate and community property.
Your community property is all property acquired during the marriage by both parties and is subject to division.
Each spouse’s separate property includes any assets obtained before the marriage and a few exceptions, like inheritance, gifts, and compensation.
Property Division Process in Boise, Idaho Separate Property
Separate property continues to belong to each individual after marriage; it includes:
- Anything that was obtained by either individual prior to marriage.
- Inheritance or gifts.
- Compensation from personal injuries.
Your community property covers all of the assets and debts that have been acquired during the marriage. In Idaho, community property laws determine that marital assets may be divided equally upon the divorce, but this is not always the case. The judge has the right to divide assets in an equitable manner as they see fit.
In order to convince the judge to divide the assets in an equitable way, you will need to provide strong, compelling evidence that you deserve it. Your best chances of doing so will be with skilled representation from a reputable divorce law firm.
Equitable Property Division Agreement
If one party believes that there are assets that should not be divided in an equal manner, then you will need to fight for a bigger share. When fair property division becomes contested like this it becomes a lot more complicated.
We highly recommend obtaining representation from an Idaho division of assets lawyer, as they will know the justifications for an equitable division and will be able to help you put forward the most compelling case.
Justifications for an equitable division include:
- The end of the marriage was clearly one spouse’s fault.
- You are the primary caregiver for your child.
- One spouse owns high-value separate property.
- You have health or educational needs.
- You have a reduced earning potential.
- There are debts related to one spouse’s drug or alcohol abuse.
Complex Property Division Issues
Some property is more difficult than others to divide fairly. Real estate, investments, and retirement funds may be worth less now than they will be in the future, and making sure that you get your fair share is important.
An experienced division of assets lawyer from Idaho Divorce Law Firm will ensure that any hidden assets are also considered when dividing property. They will help you fight for your equal share of all assets and if necessary, will have access to financial experts who can value any complex assets, such as:
- Self-owned businesses.
- Off-shore property.
- Stocks and bonds.
Dividing Retirement Accounts
One asset that is the cause for a lot of contention when it comes to divorce proceedings is splitting and dividing any retirement funds and pensions. In these cases, working out what is considered marital property will be more complicated.
If the Judge does not believe the division is fair and reasonable, they may decide against approving your agreement, dragging out the case and costing you more money in legal fees.
Boise, ID High Asset Divorce Lawyer
A high asset divorce lawyer in Idaho can help you navigate the complexities of dividing up high-value assets in a divorce between spouses with a net worth of 1 million or above. A high asset divorce can be more complicated than a typical divorce, as there may be more complex financial issues to consider. An Idaho high asset divorce lawyer can help you protect your assets and get the best possible outcome for your divorce. Contact us for a qualified high asset divorce lawyer in Idaho today to get started on your case.
Spousal Maintenance in Idaho
Spousal maintenance allows for a spouse who has sacrificed earning capacity and career for the marriage to seek payments from the other spouse to maintain a way of living. This is never automatically granted, and it may be difficult to obtain.
Justification could include:
- An inability to be self-supporting due to a disability.
- Cases involving domestic violence.
- Sacrifice in career or education.
Even if you fall under the above categories, it will be expected of the requesting spouse to make an effort to become self-supporting as soon as possible.
How do I know which assets are personal or community property?
First, you should identify what assets you owned before you got married to your spouse. Next, you should identify what assets you and your spouse obtained during the marriage. Once you have these lists, with the help of your lawyer, you can go through your assets and decide what you believe should belong solely to you from the community property.
Does at-fault vs. no-fault divorce affect property division?
Most divorces in Idaho are no-fault divorces. A no-fault divorce allows spouses to divorce due to insupportability. In these cases, neither party assumes blame for the divorce. If your divorce happened due to adultery or substance abuse, you might file for an at-fault divorce, and the judge may consider the fault when they divide the assets.
Can we negotiate property division on our own?
Idaho prefers if couples can come to their own amicable agreements regarding the division of assets. With the help of a skilled mediator or negotiator, you may be able to come to an amicable agreement with your spouse, removing the need for court intervention. This will save you time and money.
Does community property have to be divided equally?
Although the legal presumption is that community property will be divided equally, a family court judge can award an equitable split if you provide a compelling case and evidence.
How are debts divided?
Your debts are treated in the same way that your assets are under Idaho law. This means that any debt obtained before the marriage will belong to the individual, and any debt obtained during the marriage is shared. However, you can fight to have your debts separated if you can evidence that your spouse is solely responsible for them.
What if my spouse is hiding assets?
If you believe your spouse is hiding their assets, you should tell your lawyer immediately. They will investigate and help you uncover them so that they are considered in your divorce decree.
What if I discover hidden assets after my divorce has been finalized?
If you discover hidden assets after your divorce decree has already been finalized, then you may be able to file for a divorce modification. A divorce lawyer can help you file for a modification with the court and provide evidence for your claims. If successful, you may be awarded a share of the discovered assets.