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In community property states, the home and its equity are typically split 50/50 between the spouses. In equitable distribution states, property acquired during the marriage is divided based on ...
If both parties signed the mortgage documents, then both remain on the hook for the debt, even after a divorce. That’s why divorcing couples often decide to sell the marital home, so they can ...
A postnuptial agreement is a written agreement executed after a couple gets married, or have entered a civil union, to settle the couple's affairs and assets in the event of a separation or divorce. It may be " notarized " or acknowledged and may be the subject of the statute of frauds .
A transmutation agreement is a postnuptial agreement that changes the character of the spouses’ property from community to separate, or vice versa. It may be used to change the character of property to be acquired in the future, as well as property that the spouses own at the time of the agreement. Spouses are free to alter the character of ...
All other property acquired during the marriage is treated as community property and is subject to division between the spouses in the event of divorce. The United States has nine community property states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. [1] Four other states have adopted optional ...
Division of property, also known as equitable distribution, is a judicial division of property rights and obligations between spouses during divorce. It may be done by agreement, through a property settlement, or by judicial decree. Distribution of property is the division, due to a death or the dissolution of a marriage, of property which was ...
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