The Basic Rules for Dividing Community Property   

        Community property is any asset or property that a person acquires while he or she is married. Currently nine states have community property laws, and they are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. Alaska has a law that allows the couple to choose items that can be labeled as community property.

         In layman's term, when it comes to dividing community property during a divorce, you and your spouse would basically have to split everything into half. Usually the divorce court makes an effort to divide the property in equal shares between both the parties. This is done by taking the monetary value of each asset so that when the assets are divided, the each party would have approximately 50 percent of the value.

         However, in reality, the division of assets and property is not that easy. For instance, there would be the family home, retirement plans and other items that the court would not be able to divide into equal halves. However, the court does give couples options. One option is selling or encashing, and then dividing the cash between the two. Or option is to give the whole item to one party while the other gets something else of the same value. The last option is that the couple decides to divide the items into unequal halves so that they are preserved as whole.

         Again there are many different rules applied to division of community property depending on the rules and laws of the state. In some state, it is mandatory to divide the community property into equal halves while in others the court has the final say in how the property is to be divided.

         States like Louisiana, Texas, Idaho and Wisconsin do not consider personal property as personal. All property and assets are taken as part of the community property and divided based on the property distribution laws of the state.

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The Basic Rules for Dividing Community Property
 

2010 Legal News:

Community Property vs. Separate Property In A Divorce

Are DIY Divorce Forms a Valid Alternative to Hiring a Divorce Lawyer?          When it comes to a divorce, it is very difficult for both the parties concerned to decide on dividing the property. However, different states in the US have different laws that oversee the division of property and assets during a divorce. This means that whatever you get during your divorce will complete depend on the laws of the state you are processing the divorce in.More...

 


 

 

 
   
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