Property Division Laws In Divorce
In most cases, the process of property division
during a divorce is often decided between the couple. However, in many cases, both individuals want some of the same property and a third party known as a mediator, usually a skilled divorce lawyer is often used. If a couple cannot agree even with the help of a mediator, the court will use state laws to determine how the property will be divided. It is suggested that you find a divorce attorney, or mediator, to assist in making this process a smooth and easy one, as they can get quite nasty if not properly mediated.
Throughout the US, there are two basic evaluations measures, which are known as community property and equitable distribution. The debts the couple have are also deemed in the same manner.
In the majority of cases, community or martial property is property that is owned by the couple together and other property is deemed to be the property of one spouse. The states that have this type of division in a divorce include Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin, and Puerto Rico. The community property will be divided equally while the property owned by one spouse will remain their property.
In other states, the money earned during the marriage as well as all property is divided fairly not equally, Meaning in the majority of cases, the spouse making the most income with receive the large share of the assets.
The court may not exactly state that the wife gets the toaster oven and the husband gets the power drill. The court will often state a money amount of the value of the property and give each person a percentage.
Community property is defined as all the earnings and all the items that were acquired during the marriage. All debts during the marriage are also considered community debts. Separate property are items that were given as gifts to one spouse, inheritances, pensions before marriage, and items they had coming into the marriage.
The house and its contents are often sold if the couple cannot decide on division, except in the cases of the couple having children. The parent that is given physical custody usually receives the home in the divorce.
A divorce lawyer
in your state will be able to guide you with the best options you have available when dividing property during your divorce as well as ensure you receive the property you deserve under the law governing your state.