How are assets and liabilities divided in a divorce?
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How are assets and liabilities divided in a divorce?
When you get divorced, community property is generally divided equally between the spouses, while each spouse gets to keep his or her separate property. Equitable distribution: In all other states, assets and earnings accumulated during marriages are divided equitably (fairly) but not necessarily equally.
Can you separate assets before divorce?
Financial agreements A financial agreement is a written document that states how your property is to be divided. It can be made before, during or at the end of your relationship. It does not have to be approved by a court, but there are strict rules about financial agreements.
How is furniture divided in a divorce?
If so, dividing the furniture and big appliances so that you each keep some or buy some new ones can be a fair approach. Go through the house, the garden shed and the garage and attic, and prepare a list of what’s there. Then try to agree who gets as many of the items as you can.
