Joint Property
Property owned by both spouses together, which must be divided or allocated during divorce proceedings.
Understanding Joint Property
Joint property includes any assets titled in both names or acquired during the marriage that are considered marital property. Common examples include jointly-titled homes, joint bank accounts, vehicles, and investments. How joint property is divided depends on whether the state follows community property (50/50 split) or equitable distribution (fair but not necessarily equal) principles. Separate property that was commingled with joint property may also be subject to division.
Real-World Examples
Their joint property included a house worth $400,000, a savings account with $50,000, and two vehicles, all of which needed to be divided in the settlement.
Related Terms
All assets and debts acquired by either spouse during the marriage, which are subject to division in divorce.
PartitionThe legal process of dividing jointly-owned property, either by physical division or by forced sale with proceeds split between the owners.
Fair Market ValueThe price a willing buyer would pay a willing seller for an asset, with both having reasonable knowledge of the relevant facts.
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This definition is provided for educational purposes only and does not constitute legal advice. Divorce laws and terminology may vary by state and jurisdiction.
Always consult a licensed attorney in your area for advice specific to your situation.