When dividing property between spouses during the process of a divorce, family law courts in the United States apply one of two major types of proceedings.
“Community property” states treat all the money, assets and debts spouses acquired during the marriage as equally owned by both partners. Marital property does not distinguish the assets earned individually by one partner or jointly by both during the marriage. Consequentially, during a divorce procedure, total property, debt included, will be distributed equally among husband and wife. In Indiana exist merrillville Criminal attorney firms which can help you with the division of property during divorce
Contrarily, the equitable division of the property allocates the assets according to the each partner’s contribution to acquiring the property, incomes, debts, responsibilities, sometimes even according to one spouse’s faulty behavior that lead to a divorce. This approach of the family law is the most common today.
It doesn’t mean that total property will be distributed equally, but in a fair and the most just way.
The family law courts recognize a category of individual or separate property. This is property that one partner had before stepping into the marriage or the property one partner inherited, got as a gift or as an award for personal injury. These assets belong solely to that partner and are not subjected to property division.
Depending on a state where spouses file for a divorce, their property will be allocated among them according to the current family laws of that state. This refers to everything couple owns, including money, houses, cars, businesses, furniture, but also credits, loans and debts. If one partner has significantly higher income and better starting point for a future life, the court has right to order him or her to pay certain amount of money regularly during determinated period of time in order to financially support the other spouse. If the divorce case includes children, particularly minors, the court decides about alimony, child support or the amount of money one spouse has to provide for child’s insurance, schooling or medical costs.
However property is divided, every family law judge is trying to do it in such a manner to provide both spouses with a good financial status before they step into their after-divorce future.