Sentences with phrase «separate property and debt»

As your neutral Collaborative financial professional, I help you identify, document and value your community and separate property and debt, document your income and estimate your expected future expenses.

E. Order the equitable division of the community property and community debts of the parties and confirm to each their sole and separate property and debts, if any;

Not exact matches

I've been in the market in San Francisco for some time right now and my income hits the sweet spot of what you're outlining (~ 250k on two incomes, perfect credit, and $ 0 debt — ZERO — of any shape or form) and I'm finding they're only willing to go to the max of conforming loan limits, which is $ 625k for most properties or $ 729k for an FHA loan (which, for separate reasons, is a tough sell in SF right now).

It looks at overall debts and does not separate out housing costs such as mortgage interest, mortgage interest, property taxes, and property insurance.

Each identifies assets, debts and income that belong to him — his separate property.

In working with a joint neutral financial professional, you and your spouse can work to inventory separate and community property, gather information as to property and debts, generate options to divide the property and evaluate the merits of each option.

Husband and Wife objected to the garnishment, claiming that the wages were community property under the revised agreement and could not be seized for a separate debt.

Husband argued it didn't matter if the debt was incurred before the agreement was modified, that the new agreement was valid and his wages were community property that could not be taken to pay the separate judgment against him.

The court will go through a discovery process to determine what property and debt should be classified as marital or separate.

Florida law details which property and debts are marital, meaning they belong to both spouses, and which are separate (nonmarital), meaning they belong to one spouse alone.

Equitable distribution laws (laws related to division of marital assets and debts) do not apply, so separating property and liabilities can get real messy, real quick.

- Identify all property (real, personal, financial) and debts; - Characterize all property or debts as separate or community; - Establish values for all property; - Divide property and debts fairly between the two people; - Decide what if any spousal support is appropriate; and -(If you have children) Work out a parenting plan and child support.

When a couple separates and has an outstanding loan from a family member, the court will look closely at documentary evidence and the facts of the case before deciding whether it is a debt that might reduce net family property, Toronto family lawyers Lisa Gelman and Margie Primero write in The Lawyer's Daily.

During the marriage, one spouse's separate property can not be sold by the other spouse, and it can not be used to satisfy the other spouse's debts.

Property and Debt Division: Although New Mexico is a community property state, the law regarding community property and separate property can be compProperty and Debt Division: Although New Mexico is a community property state, the law regarding community property and separate property can be compproperty state, the law regarding community property and separate property can be compproperty and separate property can be compproperty can be complicated.

If you live in a community property state — Arizona, California, Louisiana, New Mexico, Nevada, Idaho, Texas, Washington or Wisconsin — assets and debts you acquire during your marriage belong equally to both spouses, except in certain narrow circumstances, such as assets acquired by inheritance or gift that you kept separate from your marital assets.

Separate property is not eligible for division in a divorce and can not be taken to pay off community debts.

When the court divides property, it considers such factors as the length of the marriage, any prior marriages, the ages, health, lifestyle and income potential of each spouse, each spouse's separate estate and debts, whether one spouse assisted in the education or training of the other and contributions to the marital property including the contributions of a homemaker.

Generally, once a couple has separated, their earnings, retirement plan contributions and employment benefits such as restricted stock and stock options, and their debts become separate property.

Your complaint also indicates if there is any separate property or community property — and the terms of divorce you desire regarding the division of debts and property, as well as child custody, and child or spousal support.

This is true even if the debt was incurred for purchase of an item that only one of the parties uses.For example, if a husband buys tools for his job, hobby, or sporting equipment on credit, that obligation is a community obligation, although the wife might never use those tools or sporting equipment.As with community property, generally, debts owed by one party prior to the marriage remain a separate debt of that party and do not become transformed into a community debt just because the parties got married.

When people speak of being legally separated in New Jersey, they may be referring to the fact that they have entered into a written separation agreement governing custody and a parenting plan and support (and maybe even division of property and debt); or where, instead of having the marriage dissolved, the spouses filed for separate maintenance (a type of support proceeding in New Jersey that results in the entry of a support order but not dissolution of the marriage) or for divorce a mensa et thoro (divorce from bed and board) that allows the parties to live separately while still remaining married (which some spouses wish to do for religious reasons or, where the insurance plan allows it, to continue with health coverage through the other spouse).

The court examines the nature and extent of both marital and separate property, the duration of the marriage, the party paying expenses and debts, and any special circumstances.

In Separate Support, a couple enters into a separation agreement, which defines each spouses rights and responsibilities, such as support, visitation, child custody and the division of property and debts.

In dividing and distributing the marital estate, the court goes through a discovery process to classify property and debt as marital or separate.

At the time of the legal separation, the debts and property are usually «frozen» and made separate for each spouse.

The goal here is not to split assets and debts directly down the middle and have Bob and Sally go their separate ways, the goal is to figure out what is most unbiased and fair distribution of property considering the circumstances.

Equitable distribution laws (laws related to division of marital assets and debts) do not apply, so separating property and liabilities can get real messy, real quick.

For couples who choose to use a litigation process to divide their assets and debts, their community property will be divided equally and separate property will be fully retained be the owning spouse.

Tasks: • Gather financial information: o Document assets, debt, income and expense o Value assets and debt o Document and value potential separate property o Identify each party's initial preferences for asset and debt division o Note any outstanding issues • Develop emotional background: o Family dynamics o Emotional state of each person o Interests • Develop parenting plan: o Identify each person's initial parenting plan preferences o Note any outstanding issues

With a summary dissolution, a joint petition is filed when 1) either spouse meets the standard residency requirement, 2) the marriage is irretrievably broken down due to irreconcilable differences, 3) the marriage is childless, 4) the wife is not pregnant, 5) neither spouse owns real estate, 6) there are no unpaid debts greater than $ 4,000, 7) the total value of community property is less than $ 25,000, 8) neither spouse has separate property (excluding cars and loans) of greater than $ 25,000, 9) the spouses have reached an agreement regarding the division and distributions of assets and liabilities, 10) both waive their rights to maintenance and appeal; 11) both have read a brochure about summary dissolution and 12) both desire to end the marriage.

When legally separating, couples make informed decisions about property rights, debts, custody, and support with the help of a professional mediator.

While no law in PA requires a separating couple to execute a separation agreement, it is definitely a wise idea if there are debts, children, support claims or property involved and spouses want to settle these matters in writing via a legally binding document.

The issues that are typically addressed in mediation are issues related to children: legal custody and residential custody, visitation, child support, allocation of college expenses for the children, health insurance, life insurance; alimony and spousal support; division of real property, including the family home; division of tangible personal property including motor vehicles, boats, furniture, furnishings, art work, etc.; disposition of other property accumulated during the marriage, including bank accounts, investment accounts, pension / profit - sharing / retirement accounts, etc.; payment of credit cards and other debts, and tax matters including decisions relative to filing joint or separate tax returns and claiming the children as dependency deductions.

Will the assets and debts remain separate property, meaning that they will go back to the person who accumulated them before the marriage?

In making an equitable apportionment of marital property, the family court must give weight in such proportion as it finds appropriate to all of the following factors: (1) the duration of the marriage along with the ages of the parties at the time of the marriage and at the time of the divorce; (2) marital misconduct or fault of either or both parties, if the misconduct affects or has affected the economic circumstances of the parties or contributed to the breakup of the marriage; (3) the value of the marital property and the contribution of each spouse to the acquisition, preservation, depreciation, or appreciation in value of the marital property, including the contribution of the spouse as homemaker; (4) the income of each spouse, the earning potential of each spouse, and the opportunity for future acquisition of capital assets; (5) the health, both physical and emotional, of each spouse; (6) either spouse's need for additional training or education in order to achieve that spouse's income potential; (7) the non marital property of each spouse; (8) the existence or nonexistence of vested retirement benefits for each or either spouse; (9) whether separate maintenance or alimony has been awarded; (10) the desirability of awarding the family home as part of equitable distribution or the right to live therein for reasonable periods to the spouse having custody of any children; (11) the tax consequences to each or either party as a result of equitable apportionment; (12) the existence and extent of any prior support obligations; (13) liens and any other encumbrances upon the marital property and any other existing debts; (14) child custody arrangements and obligations at the time of the entry of the order; and (15) such other relevant factors as the trial court shall expressly enumerate in its order.

Separate, non-marital property is any asset or debt that was brought into the marriage, or inherited by or gifted to one party during the marriage (and not co-mingled with marital accounts).

«A lawyer going through a divorce asked me if he needed to disclose his separate - property assets and debts, as they had nothing to do with his spouse.

In a separate transaction, existing mezzanine participating debt was paid off and Universe Holdings now owns the property outright.

The property features residential space, commercial units, and a parking garage, and is backed by $ 180 million in CMBS debt securitized across four separate 2015 deals.