The general rule is to divide property equally between spouses. However, there are several exceptions to this rule depending on the type of property. Before agreeing to any type of property division, talk to any attorney.
There are three different approaches to division of property:
- In-Kind Division: Court divides each item, whereby each spouse is awarded one-half of the asset.
- Asset Distribution or Cash-Out Division: Court distributes one or more items to one spouse and items of equal value to the other spouse.
- Sale and Division of Proceeds: Court orders an asset to be sold and the proceeds are divided so that each party obtains an equal division of the overall community assets.