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Dividing Property In A Divorce.

In each state there are different ways of dividing property when you are divorcing. 
  1. There is a community property division in a divorce.  So what is this, well it states that each spouse in the divorce will receive one half of the property that was gained while married.  This does not include separate property, so what is separate property.
    1. Pension proceeds that were had before the marriage
    2. If family gave you gifts and inheritance and they are not in the joint bank account.  This is if they have been kept separate bank account in your name.  If you have put those inheritances in a joint bank account in the marriage, then in the divorce your spouse would receive half in the divorce.
    3. Businesses or property that was owned prior to the marriage.
      Note: When dealing with community property these states include, Idaho, Nevada, Arizona, California, Louisiana, New Mexico, Washington, Texas,                Wisconsin 
  1. There is equitable distribution in a divorce. So in all other states couples that couples are getting a divorce, the courts will divide the assets in equitable manner (which means fair).  When getting a divorce in the other states equitable may not really mean equal, but what is fair to both people in the divorce.  So how do they decide in a divorce what is equitable?
    1. If there is children involved in the divorce, they will include expenses for them.
    2. The source of particular assets will be looked at
    3. The physical and mental health of both people in the divorce is reviewed.
    4. Work history of each in the marriage and also the job prospects
    5. Also how long you have been married before getting the divorce.
 Sometimes we feel that we can trust a person totally, and think that when you first start out in your marriage there would never be a divorce, but it is important to remember some things should stay in your name, we have no prediction of the future.  So it is good to also stay independent in some ways when it comes to your property, business and inheritance. Tomorrow I will give you some information on taking a property inventory, if there is a lot of property involved, please do research on your lawyer to see how many cases they have handled, you want to be treated fairly, a great lawyer can help. 

 

Posted: Dec 04 2007, 08:05 AM by Divorce | with no comments
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