Get Ahead in Your Personal Injury Case

Yours, Mine, And Ours - Division Of Property During Divorce

10 June 2015 by Kenneth Pierce

Divorce can be a messy process. From filing the correct papers to seeking child custody, there are myriad things to consider. One of the main issues that arises in divorce is the division of property. Depending on where you live, there are two possible ways that courts will divide your marital property: community property or equitable distribution.

Community Property States

A number of states follow community property rules. According to community property principles, any money earned while two people are married, along with any property purchased with that money, becomes property of both spouses. During a divorce, this community property is split 50/50 between the two spouses. 

For example, during Katy Perry and Russell Brand's divorce in 2012, Brand was reportedly entitled to half of the $44 million that Perry earned while they were married. This was due to the fact that they were married in California: a community property state. (Surprisingly, Brand turned down his $22 million.)

In community property states, married people can still own separate money or property if it they earned or purchased it before the marriage, or if it was a gift given solely to them.

Equitable Distribution States

In the remaining states, equitable distribution is the process by which assets are divided among spouses. In these states, property owned by both spouses is divided up in the way that would be most fair for each spouse. This could mean that a party who has custody of the children and perhaps a lower income could get a larger portion of marital assets.

Again, as with community property, separate property can be maintained in equitable distribution states, but a judge may find that one party should give some of his or her individual property to the other party if it would be more fair.

Getting What Is Rightfully Yours

Whether you live in a community property jurisdiction or an equitable distribution jurisdiction, it is important you get everything that you deserve when you get divorced. Problems that arise when divvying up property usually stem from one party's dishonesty. By hiding income or assets, or by labeling marital property as separate property, one spouse may prevent the other from getting the appropriate amount.

During your divorce, be sure to find and keep good records regarding everything you and your spouse own. This will help the court determine how the property should be divided. Never hesitate to consult with an attorney from a place like the Law Office of Jared T. Amos if you have additional questions

Share

Search