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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.
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Ferguson, 639 So.2d 921 (Miss. 1994), [2] the court described equitable distribution of marital property at divorce as more fair, or equitable, than the separate property system. The court may consider such factors as "substantial contribution to the accumulation of the property, the market and emotional value of the assets, tax and other ...
Continue reading → The post Michigan Divorce Laws appeared first on SmartAsset Blog. If you know the law and are careful, you can escape your divorce without having to start over financially in ...
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.
6. Failing to negotiate over retirement accounts. Retirement accounts, such as a 401(k) or a pension, can be major assets in a marriage and should be considered in the settlement negotiations ...
The Michigan Compiled Laws (MCL) are the official codification of statutes for the state of Michigan. [7] An unannotated edition of the MCL is published by the state ...
Step 1: Understand community property vs. equitable distribution states Before diving into specifics, it’s important to understand the legal framework that governs the division of assets during ...