Is marital property the same as community property?

Is marital property the same as community property?

Marital Property and Community Property States Community property states follow the rule that all assets acquired during the marriage are considered “community property.” Marital property in community property states are owned by both spouses equally (50/50).

What assets are considered community property?

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Generally, in community property states, money earned by either spouse during marriage and all property bought with those earnings are considered community property that is owned equally by husband and wife. Likewise, debts incurred during marriage are generally debts of the couple.

Is a house a marital asset?

For example, if you and your spouse bought a house together and continually paid a joint mortgage, the house would be considered to be marital property. Likewise, any debts accrued together are considered joint property debts.

Are clothes considered marital property?

It does not matter whether you purchased an item for yourself – if it was purchased with marital funds, it will be considered marital property. While you each might agree to keep your own clothing and accessories, dividing other items – especially valuable ones – can be challenging.

What are considered assets in divorce?

In a family law property settlement, the property pool is the total value of the marriage assets – ie, assets that arise out of the marital relationship. It will include marriage assets that are in either party’s name, in both party’s names and all assets that are under either party’s control.

How do I find hidden assets in a divorce?

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You may find bank statements, stock certificates, or title to property. Typically, it is easy to store documents away and hide them from the other spouse because when we have no reason to go looking for things, we do not. This may be one of the easiest and most effective ways to find hidden assets.

Are retirement accounts protected in divorce?

Divorce is one of the times you can access your IRA or 401(k) before retirement and pay no tax. This happens if the judge assigns part of your account to your spouse in the divorce settlement. You spouse may receive some, all or none of your retirement account, depending on your situation.