If only it were easy to split up property when you separate and divorce. Unfortunately, how your property is divided is one of the most difficult elements in a divorce. You and your spouse may have a lot of arguments about how you split up property, but it’s important to work together to make these decisions without a lot of argument or disagreement. If you can’t reach an agreement, you’ll have to end up using attorneys to argue your case – which is both time consuming and costly.
Property is divided by one of three categories:
- Community Property
- Equitable Distribution
- Combination of Community Property/Equitable Distribution
When it comes to dividing up your property, there are several ways to go about it. You can rely on the courts to divide up the property using your state’s laws for property and divorce, or you can reach an agreement with your spouse on the division of property.
Remember, there are some states that have a community property law in place. This law specifies that all property attained during a marriage be viewed as owned equally by both parties in the marriage. In divorce, that property is divided equally among the spouses. Check your states property division laws at www.mydivorcedocuments.com.
The majority of states don’t have community property laws. Instead they have “equitable distribution” laws which allow the property to be distributed on an equitable or fair basis. This might not mean splitting the property evenly in half, but rather distributing all the property so that each spouse receives property or funds of about the same value.
Some states also use a combination of the equitable distribution and the community property. In these states all property (except for gifts or inheritances) are divided equally – with some exceptions. There are some very specific types of property that can be exempt from property division. Again, the best method for determining how property is split up is to refer to your state’s guidelines, and of course, work with your spouse for agreements.
When it comes to the division of property, many states treat property as either separate property or community property. This allows the spouse to divide property equally, based on who was the original owner of the property.
On the same note it is important to think about your last will and testament. Although dividing up your property is something you may be thinking of now, you also need to think about what will happen when you pass away. We suggest creating a living trust, making a change to your last will and tetstament using a last and will tetstament online form as well developing an effective estate plan that is sure to save your assets fom any probate issues in the event of your death.
