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Community of Acquests and Gains: Each spouse owns an undivided half-interest in all property acquired during the marriage, except for property acquired by gift or inheritance during the marriage, which is separate property; or which traces to separate property acquired before the marriage, which remains separate property; or which is acquired during a period when the couple are permanently ...
Dividing debt during a divorce can be as challenging as separating assets, and it requires a clear understanding of state laws, the nature of the debt and each spouse’s financial situation.
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 ...
Legal separation (sometimes judicial separation, separate maintenance, divorce a mensa et thoro, or divorce from bed-and-board) is a legal process by which a married couple may formalize a de facto separation while remaining legally married. A legal separation is granted in the form of a court order.
This order is separate from the divorce agreement, though it’s based on the decree’s contents. A QDRO must be approved by the court and sent to your 401(k) plan administrator.
Divorce is a tough process on a personal and emotional level. It can be disruptive to families and impacts your life on nearly every level. Beyond these challenges, divorce is a major financial ...
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.
Editor's Note: This is the second of a three-part series that will cover five key financial steps to take before entering divorce negotiations. Part One covered why a review of your credit report ...