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In the United States, marriage and divorce fall under the jurisdiction of state governments, not the federal government. Although such matters are usually ancillary or consequential to the dissolution of the marriage, divorce may also involve issues of spousal support, child custody, child support, distribution of property and division of debt.
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 ...
Splitting equity in a divorce can be tough, both emotionally and financially. Whether you decide to sell the house, buy out the other party, or agree to own it together, each option comes with a ...
Under a community property regime, depending on the jurisdiction, property owned by one spouse before marriage, and gifts and inheritances received during marriage, are treated as that spouse's separate property in the event of divorce. All other property acquired during the marriage is treated as community property and is subject to division ...
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 dividing shared assets during a divorce, it can be tempting to want to keep the marital home for any number of reasons, but it’s important to be sure this is the best financial decision for you.
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 ...
This document outlines what happens to a couple’s assets and property rights if a divorce (or a death) happens. Pre-marital property refers to anything acquired before or during the marriage ...