Property division is an important part of ruling in a divorce. How property is divided in a divorce will greatly depend on the laws specified in each state. Most states will allow separating the marital property on divorce but will take into consideration the origin of the property when allocating the separation. Here are a few areas that are considered with dividing marital property.
Separate property – Non-marital property, is the property each spouse brings into the marriage and that they keep in their name. The court will consider this property separate from the marital assets. The property also includes gifts and inheritances to one spouse that are kept separate.
Marital property – Community or marital property is dealt with differently from state to state. However, in general, it will include property and earnings that are acquired during the marriage but exclude individual gifts and inheritances, which will include work income, real estate, furnishings, personal and property. If the property is titled in one spouse’s name, but is obtained during the marriage and are paid using marital funds, it is considered marital property. Pensions that are earned during the marriage are also considered marital property. In states that follow community property guidelines, marital property will be divided equally.
Property division laws by state – Property division will vary from state to state and is mostly affected by community property states.
If you are considering a divorce, it is best to speak to a lawyer who practices in the state you intend to file your divorce.