In the United States of America, there are two distant laws when it comes to divorce and the division of your assets; and depending on which state you live in determines which law will apply to you and your spouse when you decide to call it quits. In a previous article, we discussed equitable distribution states and in summary this means that in the event of a divorce, the court will decide the property in a manner that is fair to the separating spouses, though not necessarily equal. For example, if the wife is a homemaker and her husband is the bread winner, then the settlement would likely be more substantial for her because her earning capacity at the time is much lower.
If the spouses are unable to reach a settlement he court would decide what is fair for them. Many factors are taken into consideration by the court when determine the settlement for the divorce under this law. Factors such as how long the two have been married, the current income of each spouse individually, health and age, future earning potential, any written agreements made, etc. The nine states that this law applies for include: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
Community property laws then classify the remaining states here in the U.S. what this means is that in the event of a divorce, all property that is considered to be marital will be equally divided among the two spouses; regardless of their circumstances. The court will not look consider the fact that one spouse doesn't have the same earning ability as the other, or reasons for any other financial need they may have. Marital property is considered to be whatever the two spouses have accumulated together during the time of their marriage season, and once the papers were officially filed, that is when that season is considered to be over. So if you were to purchase a home after your wife filed for a divorce, this would be now considered separate property.
What then, is separate property? Fortunately, not all property in marriage is considered to be marital, so even if you have a smaller earning capacity during the time of your divorce, what you owned in separate property may still help you feel more successful in the division of your property. Separate property is considered to be anything that wither spouse may have owned before they said their "I-do" to one another. This may include a previous home, a stock or another form of investment property, etc. Basically anything that the spouse purchased with separate funds prior to the union. Also, if the spouses explicitly listed out property in a pre (or post) nuptial agreement, their property will be protected from this as well. In the event that that a certain gift was given to one spouse, this is also considered o be separate property; along with any inheritances put under the name of one spouse.
Going through a divorce can be a complicating process, and it is for this very reason that hiring a skilled family and divorce attorney in your area is so crucial. When hiring a lawyer to help you with a divorce, you are choosing someone who is going to walk with you through the process of this difficult season of life, helping you make not only important legal decisions must also giving you're the advice and direction you need when handling matters of the divorce including the division of property, child custody, alimony, and the like. Please use our site to learn more about an attorney close to you!