Couple saves time with pre-divorce property division settlement

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Divorces can become contentious and drawn out as parties battle over the valuation of property and property division. The parents of NBA player Kris Humphries avoided turning their divorce into a battle by agreeing to a property division before the start of the divorce action.

When Debra Humphries filed for divorce from her husband after 27 years of marriage, one of the documents her attorney filed with the court was the fully signed agreement resolving all property division issues and all but assuring the couple of a smooth divorce. This is in contrast to their son, whose ongoing divorce from Kim Kardashian continues to make headlines.

In the state where the divorce took place, assets the parties obtained during the marriage are considered marital property, which is subject to equitable division between the parties. Assets the parties owned separately prior to the marriage or acquired as gifts or inheritances are non-marital property and not subject to equitable distribution.

The Humphries’ property division agreement allows each party to retain bank accounts as non-marital property. William Humphries will retain the couple’s home, a car and a boat as part of the division of marital property. He will also assume responsibility for the couple’s credit card debt.

Making a judge decide on the division of marital property is time-consuming and adds an additional expense for experts to appraise the assets. A judge divides property based on monetary value and not on its sentimental value to one of the parties. In this case, potential conflicts were resolved before a judge had to get involved.

Source: The Huffington Post, “Kris Humphries’ Parents Divorce Already Settled,” Aug. 26, 2012

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