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The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
The community property concept originated in civil law jurisdictions but is now also found in some common law jurisdictions. U.S. states with community property laws draw primarily from the marital property laws under the civil law of France and Spain. [10] Division of community property may take place by item by splitting all items or by values.
Certain state laws mandate an equitable distribution of property, wherein fairness takes precedence over equal division. While equitable does not guarantee equal sharing, it ensures a fair allocation. Alternatively, some states follow community property principles, where assets and property acquired during the marriage are considered communal.
Step 1: Understand community property vs. equitable distribution states Before diving into specifics, it’s important to understand the legal framework that governs the division of assets during ...
In many cases, what happens to debt is decided during the divorce proceedings. It can vary significantly depending on whether you live in a community property state or an equitable distribution state.
In a divorce, the ownership of the property and of the outstanding mortgage are two separate issues. ... state laws and the couple’s specific circumstances. If a couple buys a house together ...
States vary in their rules for the division of assets. Some states are "community property" states, others are "equitable distribution" states, and others have elements of both. Most "community property" states start with the presumption that community assets will be divided equally, whereas "equitable distribution" states presume fairness may ...
With the age of baby boomers continuing to increase, the issue of incompetency and the abatement of divorce or litigation of equitable distribution post the death of a divorced litigant is gaining ...