Property division in a divorce

Jun 25, 17 Property division in a divorce

Posted by in Legal

In a divorce, parties may not be able to some to an agreement regarding property division. In this case, a judge will use a state law as a guideline to divide the property and assets of the couple. There are two main types of divisions, and they are separate division and marital property, division. Separate property – This area includes non-marital property that each spouse brings into the marriage and has kept in his or her name. The non-marital property will also include gifts and inheritances that a spouse has kept in his or her name. Marital property – This form of property includes property and earnings that have been acquired during the marriage and includes work income, real estate, furnishings, and personal property, Although the property is titled in one spouse’s name but has been acquired during the marriage and paid for with marital funds, it is categorized as marital property. Therefore, a pension earned during the marriage is considered marital property. In states that follow community property laws, marital property will be divided equally. However, in equitable distribution states, the courts will divide the property on a case by case basis. Factors that would be considered are who will take responsibility for the children, is the spouse employable and are they able to support themselves. It is best to speak to a reputed lawyer that can handle cases that involve property division as divorce laws will vary from state to...

read more