Property Division of property, also called just equitable division, is a legal division of property upon the marriage termination by one of the spouses. It can be accomplished by agreement, via a property settlement, or via judicial declaration. In a property division agreement, the spouses are asked to agree on a specific property distribution schedule that will result in an award to each spouse. The program does not have to include all of the property; it just needs to be a formal written agreement that the property will be equally divided if a marital settlement did not occur when one spouse is generally allowed to retain possession of the property immediately.
Separate property is a property that a married couple owns individually rather than jointly. It is typically held in trust by one spouse until it is separated when returned to the community property. The community property usually consists of marital assets and liabilities, along with any debts accrued during the marriage. Separate property also includes retirement assets and real estate properties held jointly by the spouses.
When a couple separates after marriage, they each have an equal right to their separate property. This means that each spouse has an equal right to how their marital property is distributed. If a marital property is left out of a divorce settlement, it may go to one spouse. If one of the spouses receives an award for a part of their marital property, it can be applied to the award’s remaining balance.
If the assets being divided are worth more than the total of the individual’s debts, then the marital assets’ value is considered marital property. Debts are usually considered personal property. When a marital asset is purchased, the purchaser usually takes on the debt itself. In a Deed of Trust, the title is transferred from the seller to the purchaser.
If you want to understand your rights about property division it’s important to consult a lawyer you can trust at Tierney Law Group.