General Information On Property Division.
So this week I decided to step back a bit, and recap on some basic and general information to do with divorce, yesterday we discussed the general information about alimony in a divorce, so today I am recapping on property division in a divorce and how the courts divide property. I have been giving information state wise, and if you need information about your state, please feel free to ask, so today we are going to talk about the 2 basic ways divorce courts, divide your debt and your property in a divorce. Now some states are different so lets talk about those first:
If you live in, Idaho, Nevada, Arizona, California, Louisiana, New Mexico, Washington, Texas. Wisconsin, they deal with community property in a divorce in a bit different way.
There is a community property division in a divorce, this means that when couples are getting a divorce that the courts separate the property right in half, but this will not include, what is referred to as separate property, now each state has a different way of dealing with separate property, but here is the basic information of separate property in a divorce.
1. Separate property in a divorce can be a pension you had before you were ever married.
2. Separate property in a divorce can be gifts that your family gave you or even inheritance, but the basic rule to that is never commingle it with property you have together, this can cause divorce courts to split it.
3. Separate property can be property that was owned prior to the marriage, again its important not to commingle it or the divorce courts can split it.
Now for all other states there is going to be what's called equitable distribution, and what the courts do here is sit down and decide what would be fair for each couple to get in the divorce, it is not always split right down the middle, it looks at all aspects, such as jobs and health of the spouses, to see who can afford what and get what, here is a basic list.
1. The divorce courts see if there is children involved and what expenses can be afforded.
2. The divorce court looks at all assets and how they were brought into the marriage.
3. The divorce courts look at the over all health and even age of the spouses.
4. The divorce courts look at the work history and job future of each spouse and how much they make to afford
5. The divorce courts also look at how long the marriage was.
I hope this give you a good look at how the states handle the debt and property division in certain areas. If you have any questions just ask, I will dig up some information for you.