Sentences with phrase «divide assets acquired»

Unlike in community property states — where courts evenly divide the assets acquired during a marriage — equitable distribution laws give a great deal of latitude to judges to decide what is «fair.»

Not exact matches

When a couple splits the assets that were acquired during the union must be divided between each person.

Having an agreement in place where everything is in writing can help, especially when it comes down to dividing the assets you have acquired together.

This is different than distribution in «community property» states, which is based on the principle that assets acquired during the marriage should be divided on a 50 - 50 basis.

Most EU countries also exclude from the assets to be divided on divorce any assets acquired through inheritance.

The types of assets, when they were acquired, by whom and whether a prenuptial agreement exists can all have a bearing on how you divide property and monetary assets after a marriage breakdown.

As long as the asset or debt was acquired during the marriage, with a few notable exceptions, it is considered marital property and will be divided in an equitable manner.

Although California is a community property state — meaning that marital assets acquired during the marriage are split evenly between spouses — there are nuances to the general law that can affect whether a court will divide certain property or allow one party to retain sole possession.

When couples divorce in community property states, all of those assets and debts acquired during the marriage get divided equally.

Generally, the court does not have authority to divide a spouse's separate property, which includes assets acquired before the marriage or by gift or inheritance.

Assets acquired during the marriage are considered marital property, subject to the court's authority to divide property during your divorce.

Interestingly, of all the holdings acquired during a marriage, psychologically and financially, the assets most difficult to divide are retirement funds.

The fault or wrongdoing of a party in a divorce action has no bearing on how assets will be divided that were acquired during the marriage.So even though fault is an emotional factor in a divorce, it has no influence on the terms of the final settlement.

Since Washington is a community property state with specific rules about the division of assets acquired by either partner during a marriage, dividing up your marital property (including debts) will also be required as a part of that process, just like in a divorce.

As you are aware, part of the divorce procedure is to divide your community property — that is the property and assets acquired during your marriage.

In community property states, the property is usually divided equally with the exception of assets acquired prior to the marriage classified as separate property by the court.

A legal principle followed by most states, in which marital property, (assets, earnings, debt and obligations) acquired during marriage are divided at divorce.

One divorcee gave up her right to a $ 850,000 pension because she didn't know that pensions were marital assets and, as such, are divided during divorce when pensions are acquired during marriages of long duration.

That is then divided by the amount of money you spent to acquire the asset, such as down payment, closing costs, and repair costs.