Community Property States Divorce
Divorce Papers > Property Divorce > Community Property States Divorce
Property distribution is one of the important issues in a divorce procedure. It is a disputable matter between partners. The division would be initiated and carried out by the spouses, by making a mutual agreement. This ensures that each of them is getting a satisfactory share. But, often the partners find it difficult to handle the issue on their own. Thus, the issue is raised in the court to have a fair result. The property laws in every state differ according to the preferences of the state laws regarding divorce. In community property states there is an equal division between the spouses, regardless the owner of such assets and liabilities.
In the United States, the following states are regarded as community property states.
Apart from the above, Puerto Rico is considered to have this type of jurisdiction.
Concepts in Community Property States Divorce
It is necessary to understand the difference between community and equitable division. Equitable property states may not necessarily divide the assets in an equal manner. But, above mentioned states divide the debts and assets by cutting exactly in the middle of the value. Here are some concepts that would explain this principle in a detailed manner:
Exceptions in the Community Property
The ideology applicable for assets is also applied for debts in community property states. Community Debt is the sum of debts contracted from the date of marriage till the date of separation. Both the husband and the wife have an equal liability to repay this.
In a majority of cases, community debt is inclusive of car loan balances, home mortgages and credit cards. It is advisable that as soon as a divorce is declared, both spouses should close all joint accounts, bank accounts and credit cards. If they avoid this step, and instead remove names from these accounts, then it is not adequate to safeguard you from financial crisis. It may happen that the assets are hidden to prevent them from sharing with the partner. Thus, the disclosure of the assets and debts should be obligatorily asked by the partners.
This is the general overview of divorce in such states. The spouses applying for divorce in these states must be acquainted with this kind of division. It is advisable that they solve the issue between themselves, as it would help them to manage the assets and debts in a satisfactory manner. The ownership and requirements of the partners are not considered in these states.
Divorce PapersHow To File For Divorce
No Fault Divorce
Children And Divorce
Do It Yourself Divorce
Marriage And Divorce
Divorce Legal Advice
Divorce In America
Divorce Child Support
Low Cost Divorce
How to Stop a Divorce