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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 ...
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 ...
In equitable distribution states, property acquired during the marriage is divided based on what is considered fair rather than being split equally. ... Divorce attorneys and real estate agents ...
All other property acquired during the marriage is treated as community property and is subject to division between the spouses in the event of divorce. The United States has nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. [1]
Separate Property with Equitable Distribution: Under this system, when substantially more property acquired during a marriage is owned by one spouse (e.g. title to all marital property is held in the husband's name only), the courts will make an equitable distribution of the richer spouse's property at death or dissolution of the marriage.
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.
Community property (United States) also called community of property (South Africa) is a marital property regime whereby property acquired during a marriage is considered to be owned by both spouses and subject to division between them in the event of divorce. Conversely, property owned by one spouse before the marriage, along with gifts and ...
There's no denying that divorce can take an overwhelming emotional toll on all parties involved. When you add the financial burden, the experience and process can be downright devastating. While ...