Distribution of property in a divorce proceeding is a crucial part. Every spouse believes that he/she should get an equal share of the property. The division of property is largely dependent on the divorce laws followed in the state. The court divides the property on the following two rules-distributing the property equally which is legitimate, impartial and justifiable OR has the liability to divide all the property in a 50:50 ratio.Property includes real estate, assets, pension plans, debts etc.
Here are some aspects of property distribution:
Property Division followed in the Community Property States:
There are nine states in the U.S. that are regarded as community states. Community property is the one that you procure when you are married, except the gifts and inheritances that you receive individually. Partners seeking divorce in these states get a 50% stake of the property.This property is believed, to be achieved, as a result of the efforts taken by both the spouses. The resources, dues and the property are broken down into 50%.
Equitable Distribution of the Property:
The other 41 states follow the principle of equitable distribution. In these states, the court decides distribution policy according to the financial state of an individual. The scheme determined is unbiased. Circumstances such as duration of marriage, earning ability of the spouse, property held before marriage etc are taken into consideration while deciding the policy.
Not “Termed” as Property:
Gifts and inheritances that you bring in the marriage is considered as an indivisible part. This is followed by the majority of states in the U.S. Moreover, any property that you have in the premarital status or after separating is also, not considered by the court for dividing. The spouses have the liberty to decide that a part of the property should not be considered as a community property by entering into an agreement.
It is against laws, to destroy certain property, as it should not be considered for equitable distribution or community marital property. Spouses have to keep faith on the divorce proceeding in such a distribution of property.
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