How is marital property divided in community and non community property states?
How is marital property divided in community and non community property states?
The main difference between community property and equitable distribution is that in community property states, there is an absolute 50-50 split of all property acquired during the marriage. In equitable distribution states, more assets may be considered marital property, but the split is not necessarily 50-50.
Are wedding rings marital property?
When married couples or de facto couples separate, the Family Law Act applies. This means that the engagement ring is classed as property and is added into the property pool available for distribution between the parties.
What is considered an asset in a divorce?
The pool will usually include things such as the matrimonial home, any investment properties, savings accounts, motor vehicles, shares and all other items of value, such as superannuation.
What assets are protected from divorce?
The following property is exempt from property division in Alberta:Assets that are a gift from a third party;Any assets acquired by inheritance from someone’s estate;Assets owned before the marriage and brought into the marriage or relationship;An award or settlement for damages in tort; or lastly.
