Property Division Laws will Impact Your Divorce

Division of property can be difficult for any divorcing couple. It is important to understand not only the different types of property but the type of property law system that your state uses. There are two primary systems by which states divide property - community property and common law. There are ten states that currently follow the community property system. Under this system, property and assets are divided equally between both parties. Unless there is a prenuptial agreement that otherwise states so, the parties must decide how to split up their assets equally. This only applies to the property and assets accumulated during the length of the marriage.

Under the common law system, you will split property based on assumed ownership. This is determined by whose name is on the document of ownership. If both parties are listed then each person has a 50% share that will be split accordingly. Any items received as gifts will retain ownership by the recipient party. If you have questions related to property division laws in your state take the time to consult a family law attorney who can provide you with immediate information as you go through your divorce.