Sentences with phrase «marital property»
Marital property refers to the assets and possessions that a married couple acquires during their marriage. It includes things like a house they bought together, money saved in joint accounts, and other shared belongings. Full definition
Laws governing division of marital property in divorce are different in every state.
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Under this standard, courts divide marital property in a manner that is deemed to be fair and just, though not necessarily equal.
Laws governing division of marital property in divorce vary from state to state.
Everything acquired during the marriage is considered marital property regardless of the name on its title.
Yet, if a practice has a high degree of personal goodwill, then the risk of double dipping is reduced, because the practice may not be divided as marital property.
No matter who you are or where you come from, if you are going through a divorce, one of the most stressful parts is always trying to deal with marital property division.
It explains how to determine the real value of marital property including houses, businesses, retirement plans and investments and how to negotiate a settlement that is fair to both sides.
Again, it is important to remember that separate, inherited property could be modified into marital property if there is an intent to use the property as a joint, marital asset.
During the divorce process, the court divide marital property between spouses, which is typically property acquired during the marriage, with limited exceptions.
Once the home becomes the marital home, all of the equity becomes marital property regardless of where the funds for purchase came from.
Accordingly, pensions are considered marital property if they were acquired during the marriage.
Personal goodwill is not marital property if it is not transferable to a seller.
Proven adultery may affect the court's division of marital property during the divorce.
The trial court judge enjoys great latitude when dividing and distributing marital property.
The only time an inheritance must be shared is when a divorce court decides that it was not kept separate from marital property.
In a divorce, separate property stays with the spouse who owns it, while only marital property is up for equitable distribution.
The court can not make a final determination regarding marital property when granting a limited divorce, but it can address issues of possession of property while you're separated.
A spouse can change separate property into marital property by changing the title into a form of joint ownership, effectively making a gift to the other spouse.
In these states, courts divide marital property equally between spouses.
Instead, courts will analyze the surrounding facts and circumstances to determine how marital property should be fairly divided.
However, to avoid contested proceedings in court, the spouses can choose to sign a written agreement that establishes each person's marital property rights.
Most states are «equitable distribution» states, meaning the courts in these states split marital property in a manner that is deemed fair.
We also help with the enforcement of such orders, as well as marital property settlements.
After marital property is identified and evaluated, the court must weigh the 11 statutory factors to determine equitable distribution.
The majority of states divide marital property based on the principle of equitable distribution, which awards property fairly, if not always equally.
Some states require an equitable division, meaning that a couple must divide marital property fairly but not necessarily equally.
The court, however, encourages spouses to come to an agreement on their own regarding marital property.
For other marital property, such as furniture in the home, the court can order the furniture sold and proceeds divided.
Pension and other retirement benefits earned during the marriage are marital property subject to division by the court.
These accounts are typically considered marital property upon divorce, so it is essential to know how they are valued and divided.
Since the court considers the amount of marital property awarded to you when making its decision, your eligibility for maintenance will be determined after the property distribution stage of the divorce process.
However, the increase in value in value and the income received from the mixed property remains marital property.
Often, the higher - earning spouse will receive more marital property.
Whatever earnings are made during the legal separation don't constitute marital property.
This increase in value can be divided in equitable distribution, just like marital property.
Note that money a spouse earns prior to the date of separation that isn't paid until after the date of separation is still marital property.
A majority of states divide marital property according to the concept of equitable distribution.
Once the divorce proceedings begin, restrictions are automatically imposed to severely limit any property transactions, such as sale, gift, or borrowing against marital property in general.
When this occurs, courts will often award the innocent spouse additional marital property to compensate for assets lost to the affair.
A court can impose sanctions against someone who improperly sells marital property during a divorce.
For example, if you remove money from your trust fund and put it in a joint checking account, then that money is now marital property, and therefore subject to equitable division.
The court may impose a constructive trust upon marital property transferred by one of the parties into the title of a third person.
This can be especially destructive to high - asset couples, particularly if one spouse lies about money or attempts to hide marital property.
In general, the court must identify marital property, which generally includes assets and liabilities acquired during the couple's marriage.
Any interests that you own could be considered marital property depending on when and how they were acquired.
The only time inheritance may be subject to division is when a couple decides to divorce or if inheritance funds were shared or used to purchase marital property during the marriage.
Generally speaking, marital property consists of all property received during a marriage but sometimes, the definition excludes property received by either spouse via gift or inheritance.
Thus all increases are considered marital property until the marriage ends.
Seeking affordable legal services is critical to protecting your rights regarding matters such as alimony, child support and equitable marital property distribution.