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As mentioned in an earlier article, most states follow the Equitable Property rule when considering how to distribute property. The application of this rule is subjective and ultimately the court has the discretion to allocate property very disproportionately between the spouses, based upon what it considers “just and equitable.” Non-marital property (such as an inheritance or gift, or property that was attained [...] When it comes time to negotiate a fair settlement, make sure to account for the true value of the associated property. For example, if you determine that the fair market value of the property is $300,000 and the associated mortgage on the property is $230,000, the amount that you will be negotiating over is [...] There are several issues to consider when contemplating a bankruptcy filing as part of a divorce. Certain debts are dischargeable and others are not. The following divorce related debts are not dischargeable in a bankruptcy filing: Taxes (federal, state, real estate, etc) Debts arising from a marital settlement [...] Nine states are Community Property states: Arizona In contrast, other states follow an Equitable property distribution. Both terms are described below. Community Property Community property states consider all property as being in two categories: separate property or community property. Separate property doesn’t need to be split at the time of divorce but community property does. In a community property [...] An area where many individuals get into tax trouble is when splitting their Qualified Retirement Accounts (QRPs) and Individual Retirement Accounts (IRAs). Once you have come to the revelation that your assets must be split you may be tempted to start the process by making pre-divorce transfers prior to receiving an official judgment, decree or [...] |
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