They also list non-marital property. The parties assign a value to each item of marital personal and real property , and detail the value of financial assets and debts. A hearing will be held in which the judge will determine which items are indeed non-marital property, and how the marital property is to be distributed.
Strategies Include Saving Documentation and Maintaining Separate Accounts
Some states use community property laws rather than a system of equitable distribution. In community property states, the law specifies that any property or assets acquired during the marriage are subject to equal distribution during a divorce. Because it is impossible to actually divide everything in half, each party is awarded 50 percent of the total monetary value of the assets. For example, if Rob and Jenny divorce in Idaho, a community property state.
The rest of the property will be distributed similarly. In states that use an equitable distribution system, property is divided according to what the court deems to be fair. This does not always constitute awarding each spouse 50 percent of the property and assets, but what a judge believes is fair after considering many things such as:. For example, if Jenny files for divorce after 8 years because Rob is physically abusive, and Rob has a considerably larger income, the judge may award Jenny 60 percent of the total marital property and assets, in addition to awarding spousal support to be paid by Rob.
Such an equitable distribution may be what the judge determines is fair. Marital property is real or personal property that the couple acquires during the course of their marriage regardless of who paid for it, or in whose name the title is held. This can include many things such as appliances, furniture, vehicles, art, jewelry, and houses. It also includes bank accounts, savings accounts, stocks, and bonds if the couple uses them in a joint manner.
If some item is acquired during the marriage that one spouse wants to ensure is counted as non-marital property, the couple must have a contract drawn up stating that fact. Marital property is subject to the debts of both parties.
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This is a complex issue for which legal advice of an experienced attorney should be sought. Though the term non-marital property often refers to any personal or real property owned prior to, and brought into the marriage, it can also refer to things such as inheritances and gifts made to only one spouse.
In most states, property obtained by one spouse after a legal separation is considered non-marital property, even if divorce has not been filed. However, each state has specific laws and, upon divorce, the spouse claiming an item as non-marital property may be required to show proof of such ownership.
Sometimes, an item can be both marital and non-marital property. Similar to the issue of the tax lien above, dealing with an asset that is both marital and non-marital property is complex. Most commonly, any asset acquired by a spouse as an inheritance is considered non-marital property.
An inheritance may become marital property in certain situations, however, including:. The couple used most of the money to landscape their back yard, adding a hot tub. By using the inheritance on the marital home, the court can determine that Jim intended to commingle the inheritance.unliwiboli.ga
The divorce from hell isn’t over yet and may be getting worse
In most jurisdictions, an asset gifted to one spouse by someone other than the other spouse is considered non-marital property. Gifts that may remain non-marital property might include such items as jewelry, clothing, cash, a car, and just about anything else, however the spouse claiming a gift as non-marital property is likely to be required to prove the fact in court. In the case of Bloomfield v Bloomfield , the Georgia Supreme Court ruled on the subject of gifts as non-marital property.
In this case, the wife had been gifted a sum of money by her father while the couple was married. Because her husband would not allow her to have a separate bank account, the money was placed into a joint checking account. When the couple filed for divorce, the husband claimed the money was a marital asset. The Court disagreed, ruling that, because the prevented the wife from having her own account, she had no choice but to put it into the joint account, and the money therefore remained non-marital property.
Search Term. How To Transfer U. Savings Bonds After Death. Savings Bonds are still popular--and are usually easy to transfer to the beneficiary after the original owner dies.
Filing Taxes After Divorce: A Practical Guide
Savings Bonds Owned by One Person If a savings bond names only one person as the owner, then the bond becomes part of the estate when the owner dies. Jointly Owned Savings Bonds If a bond was registered in the names of two people, the survivor automatically inherits it when the first owner dies. The survivor has several choices about what to do: Do nothing, and redeem the bond later. Redeem the bond by presenting it with ID at a financial institution that pays savings bonds. Savings Bonds for Which a Beneficiary Was Named Savings bonds are often registered in beneficiary form, which means that the owner named a payable-on-death beneficiary to inherit them.
Like a surviving co-owner, a beneficiary has three options: Do nothing with the bond, and redeem it later. Redeem the bond.
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