Divorce is a situation in which not only the legal partnership between two spouses, but can also be the division of property previously shared by the couple. The property owned by either spouse before a marriage is able to remain the property of the original owner, many things that are acquired after the marriage (community or marital property) and prior to separation are typically subject to division upon divorce. There are certain things to know about how divorce is able to have an impact upon your property ownership. Read on to learn more about how property should be divided during a divorce, what happens to shared debts, finding hidden assets, what happens to the family home, how it affects insurance policies, and more. If you are looking online for a “family law attorney near me,” Arturo R. Alfonso, P.A. is a top family attorney Miami residents trust. Call Arturo R. Alfonso, P.A. today for your family law needs.
Property Distribution During Divorce
When it comes to dividing marital property, there are two main systems: community property and equitable distribution. Most states in America utilize equitable distribution, the community property states are bigger and thus about a third of the U.S. population lives under these states, such as California and Texas. Community property states divide marital property evenly, while equitable distribution states will give the higher earning spouse a bigger share than the spouse that earns less, such as a stay-at-home parent. When it comes to debts from the marriage, it is also divided among the spouses. There are situations where debts are associated with only one partner, such as gambling debts, which the court will divide appropriately to the wrongdoer. Household or general expenses debts, however, will be divided evenly. There are debts that may seem separate, such as student loans to one spouse whose career benefited the marriage, which may be divided evenly to each spouse, depending on the state in question. This is why you may want to get the assistance of Arturo R. Alfonso, P.A., a family attorney Miami residents loves.
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Your taxes, retirement funds, and other estate planning tools may need to be divided in order to compensate the spouse who doesn’t have an IRA. Inheritances are typically considered separate property and are therefore exempt from the division of property between spouses. Property settlement agreements are able to be entered into amicably between former spouses to avoid drawn out court proceedings in a divorce, as while the judge will review it for equity, as long as it’s fair enough, it is usually put into action. Since your marital property will be divided as relayed by your state laws in the case of divorce, you should consider entering into a prenuptial agreement with your spouse prior to marriage, especially if either of your expect to earn a significant income.
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There are many ways in which divorce can affect your property ownership. This is why you may be looking online for a “family attorney near me.” Arturo R. Alfonso, P.A. is a top family attorney Miami residents trust. Call Arturo R. Alfonso, P.A. today for your family law needs!