In Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin, any asset acquired during a marriage is generally considered to be community property and will be divided equally between both spouses. A divorce lawyer will also consider an increase in value on any asset, retirement accounts, and so forth. The exception to this rule includes gifts and inheritances.
The remaining states use a system based on equitable distribution. This means any assets and earnings that have been accumulated during a marriage will be equitably divided. This does not necessarily mean equally. It is possible that some judges will order one party to use their separate property to make the settlement fair.
Divorces involving high-valued assets, businesses, professional licenses, multiple real estate properties, and other major financial matters have the potential of inducing conflict between the spouses. A high-profile divorce of this nature should be handled with precision, care, and knowledge. If you’re involved in a high net worth divorce, it is advisable to turn to a Tampa FL divorce lawyer from The McKinney Law Group to ensure your rights are protected.
Community Vs. Non Community Property
The following are general rules that help to determine what is community property and what is not:
Community Property – This includes all earnings during a marriage and anything acquired with those earnings. Debts accumulated during the marriage are also community property. The exception to this may be when the creditor wishes to separate the property of one spouse to recover payment.
Non-Community Property – Also known as separate property, this includes gifts or inheritances that have been given to one spouse. Proceeds of a pension vested before marriage, a personal injury award, property purchased with separate funds, a business owned by one spouse before the marriage, or items owned by one spouse before the marriage may be considered non-community property. If separate property is commingled with community property, it may be ruled as community property. For example, if one spouse owned a house prior to getting married, but then lived in it with their spouse and children, it could be community property.
Purchasing Assets with Community Money and Seperate Money – When any asset, particularly a high value asset, is purchased with both community and separate money, it is generally considered to be community property.
Equitable Distribution – Each spouse may be given a percentage of the total value of all assets, personal property, and debts.
It should be noted that what is considered to be “fair or equal” distribution is largely up to the presiding judge and other circumstantial factors. To learn more about property division during a divorce, please call a divorce lawyer in Tampa FL.
Let an Experienced Tampa FL Divorce Lawyer Help
If you and your spouse have decided to divorce and you think the collaborative law process may be an option, contact The McKinney Law Group to set up a free consultation. We can also assist you with any other family law issues you may have. Call an experienced Tampa FL divorce lawyer today and request your free consultation with Damien McKinney.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].
We now offer virtual prenuptial agreements. Contact us to inquire further about our virtual prenup option.