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Marriage is a norm in our society, but so too is divorce. According to the most recent census data as of 2018, about 39 percent of all marriages, unfortunately, end in divorce. One problem that often appears when people divorce is their property and how it’s divided. Read on to learn more about property division in divorce.
Understanding Property Division
Deciding who gets what during a divorce can be challenging even if the divorce decision made by you and your spouse was amicable. Many married couples have a significant amount of property or assets, after all, including homes, bank accounts, pension plans, automobiles, businesses, and even beloved family pets. Consider the following:
Separate and Marital Property
There are usually two property types you and your spouse own. In divorces, states closely examine the property included in any filing and classify it as either separate property or marital property.
Though each state treats the two kinds of property differently in some of their details, we can generally say that separate property includes:
Commingled Property Concerns
Beware, though, because most states may consider any property you and your spouse “commingled,” after you married each other, to be marital property. Here’s an example of how once-separate property becomes commingled property:
It’s easy to unwittingly create a commingled property from the property you once owned separately, too. Suppose you received a cash inheritance. Next, you take that cash and deposit it into a joint account owned by you and your spouse. Once you’ve placed that money into your joint account, you’ve also commingled it and converted it into marital property.
Outside of clearly separate property you or your spouse own, all other property acquired once you were married is typically treated as marital property. It also matters little whether you or your spouse own that property only in your names or even how it’s titled. If you acquired property during your marriage and it’s not legally separate, it’s marital property. As we know, marital property is subject to a state’s divorce and property division laws. Examples of marital property include, but aren’t limited to:
Community Property States
Whether you live in a community property state or an equitable distribution state is also a key factor in how a state will divide up your property if you divorce. Currently, there are nine community property states:
Community property states typically consider both spouses in marriage equal owners, usually on a 50-50 basis, of all marital property. If, for example, you own a $500,000 home, you and your spouse will divide it equally during your divorce.
Equitable Distribution States
All non-community-property states are classified as equitable distribution states when it comes to divorce and property division. These states try to fairly and equitably distribute marital property. For example, these states frequently consider each spouse’s financial situation when they divide up their property. Property division factors include:
Seek an Attorney
As you can see, property division in divorce is often extremely complicated. Factors include the state in which you and your spouse file for divorce. Also, the type and kind of property you and your spouse own may affect how your state will divide it between you. Finally: It’s rarely advisable to handle a divorce on your own, and you should always seek the advice of a qualified attorney before beginning one.
Spodek Law Group have offered me excellent support and advice thru a very difficult time. I feel I've dealt with someone who truly cares and wants the best outcome for you and yours. I'm extremely grateful for all the help Spodek Law Group has offered me. I can't recommend them enough.
Spodek Law Group was incredibly professional and has given me the best advice I could wish for. They had been helpful and empathetic to my stressful situation. Would highly recommend Spodek Law Group to anyone I meet.
Best service I ever had. Todd is absolutely class personified. You are in the safest hands with spodek. They have their clients interest in mind.
Our divorce lawyers provide superior service, and results, with a white glove touch that few others can deliver.
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