By Mike Stetzer
When a couple is filing for a divorce, property will be divided into two categories by the divorce court: martial or community property and non-marital or separate property. Marital property is any property that was acquired by either spouse during a marriage. It's a legal distinction the divorce court uses during property distribution.
The time of the marriage is considered to be from the day the couple marries to the day the couple starts to live apart. There are a few exceptions to the rules, and not all property acquired during the marriage is considered community property.
Depending on divorce laws in your state, some property may be considered by the divorce court as separate property and is not divided between the couple.
Property that is considered to be marital include income, real estate, the family home, furniture, cars and other types of assets. Sometimes pensions and retirement accounts can be considered marital property by the divorce court.
A local divorce lawyer can further explain martial property distribution and asset protection.
Neither spouse has automatic rights to keep marital property and the divorce court has the power to give it to either spouse, unless it's been specified in a valid prenuptial or postnuptial agreement.
In community property law, the divorce court divides all marital property equally between the spouses. Equitable property distribution is different because the divorce court makes property distribution decisions by what the divorce court considers to be fair and reasonable.
A local divorce lawyer can offer advice on how to handle property division and potentially protect those assets or property you have a vested interest in. Get in touch with a local divorce attorney today to learn about asset protection and how property distribution may affect you.
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