Property Division
The legal process of dividing marital assets and debts between spouses during divorce.
Understanding Property Division
Property division is one of the most consequential aspects of divorce. The court first classifies each asset and debt as marital or separate, then values the marital property, and finally divides it according to state law. In community property states, marital assets are split 50/50. In equitable distribution states, the court divides property fairly but not necessarily equally, considering factors like marriage length, earning capacity, and contributions. Complex assets like businesses, stock options, and pensions often require expert valuation.
Real-World Examples
Property division included the house, two retirement accounts, a small business, and $40,000 in credit card debt.
Related Terms
A state where marital property is divided fairly but not necessarily equally, based on multiple factors the court considers.
Community Property StateA state where most assets and debts acquired during marriage are owned equally by both spouses and split 50/50 in divorce.
Marital PropertyAll assets and debts acquired by either spouse during the marriage, which are subject to division in divorce.
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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.