Information On Property Division In Divorce.
Dividing property in a divorce can get tricky and I like to tell people in all marriages to keep certain things separate. No you do not want to go into a marriage with thoughts of divorce, but you do want to go into a marriage with protection towards the future. It is sad to see people lose everything they have worked for in a divorce, by simply putting it all into a spouses name. Not that you should not trust a spouse, but things do happen, so it is always important to keep a sound mind for the future ahead.
Each state also has its own guidelines to property division in a divorce and how it is done. I am going to start giving out some state to state information on property division in divorce, so if there is a state you are interested in please let me know and I will research that state.
So today I am going to go over some basic information on how property division in divorce works, then we will start some state information.
There is community property in a divorce, which means spouses will split 5050 in the divorce on everything, now that does not mean your separate property, that is what I like to remind people to keep in their names. That's things you had before the marriage, gifts and inheritance, etc, but there is an important rule to that, if it has not been commingled with marital property, if not a spouse can take it in a divorce and marital property. It is important though to keep a record of everything you have.
There is also what's called equitable distribution in a divorce. This means everything is divided equitable way, in the divorce, which means what's fair to each spouse in the divorce . It does not mean a 50/50 split of things on an equitable distribution, so how do they come up with what's fair to each spouse, when dividing property in the equitable distribution in a divorce? They look at everything from age, to health, to each spouses income, work history. etc in the divorce, who will have main custody of children in the divorce. So everything is examined.