Divorce Settlement

Even though most aspects of a divorce vary from state to state, the distribution and division of property remains somewhat the same between the states. You can pretty much guarantee that property will be distributed in one of two ways. In community property states, each spouse is entitled to half of all the property that was acquired during the marriage. In the case of inheritance or gifts, that is considered individual property and the spouses are not required by law to divide those assets. In the other states, equitable distribution is recognized. This means that the property that the couple has acquired shall be distributed fairly between the two parties. This does not mean that the property will be divided equally, but it will be divided fairly to the parties involved. Courts will take into consideration the length of the marriage, children, the child's needs, and physical or mental health of the spouses, resources of the spouses, jobs or job prospects of the spouses when trying to determine how to distribute the property. Most of the time an accurate inventory of all property, whether movable or immovable, will be taken.

Fast Facts

  • Property doesn't just mean land and the homestead; it also means financial accounts, stocks, bonds and the alike. Once all of this has been settled, this is known as the settlement.

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