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How property may get divided after a divorce

Posted On February 11, 2020 In High Asset Divorce

When couples get divorced and are unable to split their property, they may seek the guidance of a court. When they are unable to determine the measures and basis to divide the property, the court may group the assets. Often, the assets get grouped into an equitable property or community property. The assets in the community property get split into an absolute 50-50 for all the assets that got acquired during the marriage. 

According to the equitable asset distribution group, most of the assets may get consideration as marital property. However, the split may not necessarily be 50-50. The division of the property may not necessarily be the physical division. Instead, the courts may choose to award each spouse a percentage of all the total value of the assets. In this case, each spouse will get an award of the debts, assets, and personal property having the worth of the percentage that got assigned. It is illegal for any spouse to hide any assets with the intent of shielding them from property division. When discovered, they may face sanctions from the court. Similarly, the court may award all or some percentage of the hidden property to the other spouse. 

The spouses may distinguish the property that gets grouped as community property. These are properties, including all the earnings during the marriage and the assets that got acquired with the profits. Similarly, they include all the debts that got incurred during the marriage. However, the liabilities are limited to one spouse if the creditor had the intent of intentionally separating the property of the other spouse to settle the debt. All the inheritance, gifts, proceeds of pension, and the injury awards which a spouse received get omitted included in the community property.