Is marital property the same as community property?
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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 marital assets?
Understanding Marital Property Bank accounts, pensions, securities, and retirement accounts are also included; even an IRA, which is individually owned by law, is marital property if earned income is contributed to it during the course of a marriage.
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.
How is asset division calculated in divorce?
The Family Law Act states that the division of assets in a divorce must be ‘just’ and ‘equitable’. Due to this, you should not assume that your assets will be split 50/50. You should always seek advice from a family lawyer to help you receive what you’re entitled to from a divorce.
