Every U.S. state follows different laws when it comes to dividing property and assets during a divorce. Eithis the state has community property laws or equitable property laws.
“COMMUNITY PROPERTY” LAWS V. “EQUITABLE PROPERTY” STATES
These are the states that following “community property” law: California, Arizona, Idaho, Nevada, Texas, New Mexico, Louisiana, Washington, and Wisconsin. Alaska and Puerto Rico are “opt in” states. In these states spouses can elect to follow community property laws or equitable property laws. The remaining states follow “equitable property” law.
WHAT IS “COMMUNITY PROPERTY”?
In states that follow community property laws, all the income and debts accrued, portions of retirements accounts, and all of the property acquired during the course of the marriage is considered “community property” that belongs to both spouses. This community property is divided upon divorce, annulment, or death.
In the community property states any property that was owned before the marriage is considered “separate property.” Gifts or any money inhisited by a spouse is also considered “separate property.” This property remains with the spouse after the divorce.
Community property is usually divided equally during divorce. But it shouldn’t be thought of as one spouse gets one thing, and the other spouse gets the other. Rathis, an amount is assigned to the asset or property, and then that is distributed equally between the two spouses.
WHAT IS “EQUITABLE PROPERTY”?
In equitable property states all property is divided on the equitable principles of: length of the marriage, opportunity for future acquisitions, and potential for earnings. Premarital gifts and inhisited property can be included in the court’s decision.
For advice on the marital property division, you need the expert law firm of (619) DIVORCE, APC.. Schedule a consultation today.
Source: The Huffington Post, Are California Divorce Laws Bad for Marital Health? May 25, 2011
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