Marital Property Divorce
Divorce Papers > Property Divorce > Marital Property Divorce
Marital Property is defined as that property that is obtained by the couple together or either partner individually 'during the marriage.' The term 'during the marriage' means the following.
- From the date of marriage
- Till the date the partners start to live apart, or
- Till the date the partners finalize to love apart, although they cannot physically separate
What is 'Marital Property Divorce'?
This term indicates that all the property, with the exception of those mentioned below, is to be included in the marital property division.
- Property that has been attained prior to the date of marriage
- If one spouse awards a judgment to the other spouse as per which the other spouse gets some property
- If both partners draft a valid agreement as per which some property is excluded from the division
- If one spouses gets some property after a judgment of legal separation
- If some property is obtained in exchange of property attained by descent, legacy or gift
- If some property is obtained in exchange of property that was attained prior to the marriage
- Property that has been obtained by descent, legacy or as a gift
Factors that affect Marital Property Divorce
A majority of states in the US take into account some of the following issues while determining marital property division.
- How the respective financial conditions of both spouses are impacted by the tax consequences of a specific distribution of property?
- What is the probability that each spouse has a reasonable chance for future attainment of income and capital assets?
- The custodial requirements of the children
- The following issues of both partners
- Requirements
- Liabilities
- Estate
- Marketable skills
- Vocational skills
- Sources and amount of income
- Occupation
- Health
- Age
- Whether the partners have any post nuptial agreement?
- Did any of the partners have any prior marriage? At present, are there any rights and obligations related to this prior marriage?
- When the property division would become effective, what would be the financial circumstances of each spouse?
- Does one parent have a desire to award the family residence or the right to live in it for a reasonable span to the other parent?
- The duration of the marriage
- If the court goes ahead with a particular property division, what is the value of the property allocated to each partner?
- Has any spouse dissipated any non marital or marital property?
- The inputs of each partner towards the attainment, preservation, increment or decrement of non marital or marital property, inclusive of the inputs as a homemaker
Marital Property generally distributed in a divorce
The common property that is distributed by a court in a divorce is as follows.
- Savings accounts, cash, bonds, stocks
- Automobiles as well as other vehicles
- Real estate
- Fixtures and furniture in all the residences
- Cash value of life insurance policies
- 401K's, pension plans, individual retirement accounts, other funds kept aside for retirement
- Business that has one or both spouses as owners
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