The division of the assets acquired during a marriage is a divorcing couple’s decision. This covers not only cash and private belongings but also stocks, real estate, business interests, and debt. How the court divides money and property depends on the state’s divorce laws in which the couple files for divorce, but most states use one of two models: community property or equitable distribution.
The majority of property obtained during a marriage is held collectively by the spouses in states where community property laws apply. It is more likely to be divided equally as a result. Property obtained during a marriage qualifies as marital property in states with equitable distribution. It is split impartially, though sometimes not precisely equally. Consult with a Boston divorce attorney for more info.
Frequently asked questions about property division
- Who decides how property will be divided after a divorce?
The division of assets is a decision that the separated couple gets to make. If a couple cannot settle, the judge will divide the property.
- How is property divided after divorce?
Depending on which state a couple is divorcing, a judge will divide their assets in one of two ways. The rest of the US uses an equitable distribution system, while nine states adhere to community property.
- Community Property
All assets obtained during a marriage are considered community property, except those received as gifts or inheritance. All property acquired before and after the marriage and any inheritances or gifts received during the marriage are considered separate property. In a divorce, community property is split equally between the parties, but each party keeps their own property.
- Equitable Distribution
A court will distribute the assets obtained during a marriage to each spouse fairly under equitable distribution. When deciding an equitable division of marital possessions, a court will take into account several factors, such as any agreements reached by the parties, the duration of the marriage, the actions of the parties throughout their marriage, the parties’ ages, their health, their occupations and incomes, the necessities of both parties and their children, and each party’s contribution to the acquiring of marital assets.
- Are you entitled to part of your partner’s business?
A spouse’s business is considered separate property if founded or acquired before marriage. On the other hand, some courts give the non-business-owner partner a portion of the appreciation if the business’s value grows while the couple is married. In addition, if the non-business-owner spouse contributed work or made any other contributions during the marriage, the court may grant that spouse a portion of the business’s assets.
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