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The community property concept originated in civil law jurisdictions but is now also found in some common law jurisdictions. U.S. states with community property laws draw primarily from the marital property laws under the civil law of France and Spain. [10] Division of community property may take place by item by splitting all items or by values.
The National Association of Women Lawyers was instrumental in convincing the American Bar Association to create a Family Law section in many state courts, and pushed strongly for no-fault divorce law around 1960 (cf. Uniform Marriage and Divorce Act). In 1969, California became the first U.S. state to pass a no-fault divorce law. [15]
Dividing debt during a divorce can be as challenging as separating assets, and it requires a clear understanding of state laws, the nature of the debt and each spouse’s financial situation.
Community property (United States) also called community of property (South Africa) is a marital property regime whereby property acquired during a marriage is considered to be owned by both spouses and subject to division between them in the event of divorce. Conversely, property owned by one spouse before the marriage, along with gifts and ...
In dividing shared assets during a divorce, it can be tempting to want to keep the marital home for any number of reasons, but it’s important to be sure this is the best financial decision for you.
Post-divorce, an advisor can help you create a new financial plan, establish a budget as a single person, help you understand the tax implications of selling assets and provide guidance on how to ...
Has jurisdiction over all law matters less than $30,000 (except ones within the exclusive jurisdiction of circuit court), cases in equity less than $30,000, landlord-tenant eviction actions, real property possession actions, uncontested or simplified divorce proceedings, and homeowners' associations disputes. [5]
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