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The U.S. Supreme Court ruled that a similar statute allowing spouses to elect a community property system under Oklahoma law would not be recognized for federal income tax reporting purposes. [7] The Harmon decision should also apply to the Alaska, Florida, Kentucky, and Tennessee systems for income reporting purposes. [8]
Community of Acquests and Gains: Each spouse owns an undivided half-interest in all property acquired during the marriage, except for property acquired by gift or inheritance during the marriage, which is separate property; or which traces to separate property acquired before the marriage, which remains separate property; or which is acquired during a period when the couple are permanently ...
The Uniform Marriage and Divorce Act §307 (UMDA §307) [3] also allows for the equitable distribution of property and lists factors the court should consider, e.g. "the duration of the marriage, and prior marriage of either party, antenuptial agreement of the parties [which is the same as a prenuptial agreement or premarital agreement], the ...
States like New York and Iowa are equitable distribution states with the intent of splitting assets and debts acquired during a marriage "equitably" — though not necessarily equally — between ...
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States vary in their rules for the division of assets. Some states are "community property" states, others are "equitable distribution" states, and others have elements of both. Most "community property" states start with the presumption that community assets will be divided equally, whereas "equitable distribution" states presume fairness may ...
In the United States, marriage and divorce fall under the jurisdiction of state governments, not the federal government. Although such matters are usually ancillary or consequential to the dissolution of the marriage, divorce may also involve issues of spousal support, child custody, child support, distribution of property and division of debt.
An action to enforce townhome covenants is, in fact, a legal or equitable action on a contract or written instrument—and so any enforcement action must be brought within five years.