Search results
Results from the WOW.Com Content Network
Property acquired before marriage is separate and belongs to the spouse who acquired it. Property acquired during marriage is presumed to belong to the community estate except if acquired by inheritance or gift, or by exchange for other separate property. This definition leads to numerous issues that can be difficult to ascertain.
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 ...
Separate Property with Equitable Distribution: Under this system, when substantially more property acquired during a marriage is owned by one spouse (e.g. title to all marital property is held in the husband's name only), the courts will make an equitable distribution of the richer spouse's property at death or dissolution of the marriage.
If a home was purchased before marriage, or was inherited, it may be considered separate property. A prenuptial agreement could also outline what’s exempt from marital property.
Parents who gave property to a daughter upon marriage also enjoyed the protection the Act provided from a son-in-law's mishandling of his family's affairs. [14] The property a woman could own and protect from her husband's creditors included slaves. [15] Maryland enacted important legislation in 1843 and Arkansas enacted legislation in 1846. [15]
For the uninitiated: A prenup (short for a prenuptial agreement) is a legal document signed before the wedding, which spells out how assets will be divided in the event of a divorce.
In South Africa, a civil marriage or civil union is, by default, a marriage in a community of property.To marry out of the community of property, the parties must sign an antenuptial contract in the presence of a notary public before their marriage and the contract must be registered in the Deeds Office within three months from the date of signature of the contract.
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 ...