Property Division in Divorce Proceedings
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Divorce is basically a term given to a process that provides a legal termination of marriage between two individuals. The legal formalities associated with each divorce process greatly depend upon the circumstances between both the partners. There are several issues involved with every divorce case. Some of the general issues are child support or custody, property or debt distribution, alimony settlement and likewise. However, it is generally observed that the spouses seeking divorce decide to divide their property after proper analysis and discussion. If essential, they take the assistance of a neutral third party such as a mediator or financial advisor. However, if the above 2 steps fail, the last resort is to permit the court to resolve the issue related to property division. The court adheres to the state divorce laws to settle this dispute.
If any spouse opts to hide a property from the court with an objective to prevent it from getting divided, is considered as an illegal act. Instead, the court confirms that each spouse is allocated a specific percentage of the total valuation of the property. This may be in the form of assets, debts and personal property. This results into fair and justifiable property distribution between both the parties.
Principles of Property Division in Divorce Proceedings
The gross property of a married individual is classified into the following two types -
After the divorce, each spouse retains his/her separate property. The marital property is divided equally amongst the spouses i.e., in a 50:50 proportion. There are basically two major principles followed in most of the states in US. One is community property division and another is equitable property division method. Here we are providing a list of states that follow community property division -
Community property division
Property division in divorce proceedings is considered as one of the crucial parts, which is to be solved after proper consideration of divorce laws and rights in the concerned state.
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