Community Property and Divorce
Community Property and Divorce: generally, each spouse has an equal share of whatever is acquired during the marriage, or, property will be split 50-50.
Community Property States:
Marital Property, or Community Property:
- New Mexico,
- Includes assets, like your home,
- Bank accounts/cash,
- 401k, 403b,
- Stocks, bonds, CDs, mutual funds,
- A business that started during the marriage,
The marital property may also include liabilities, such as joint credit card debts. Yet, because each state's laws are different, you could live in a community property state and have certain assets divided using equitable distribution, or vice-versa. Because community property and division during divorce can be so complicated, always ask for legal advice from a qualified attorney, such as in the Legal Match system below!
Separate Property, Non-marital Property:
- Generally, anything that was acquired before the marriage, or was a gift or inheritance.
Some states--Arizona, California, New Mexico, and Washington--have what's called quasi-community property laws
. This means that if a couple is living in one of these four states, then acquires a property elsewhere, that that property would fall under the quasi-community property laws, and would be split accordingly. Ask attorneys in your area if this applies to you.
Attorney help for your property issues: Legal Match Info
(one of the companies with a great reputation for helping their clients, great BBB rating)! Need a Divorce Lawyer?
Inheritances and Commingling
Why You Need A Property Settlement Agreement
Real Divorce Recommends:
Return from Community Property and Divorce to Divorce Paperwork
Disclaimer: The information on this site is for educational purposes only. It is not legal advice and may not apply to your situation. I take the time to gather the best information to those going through divorce, and offer a place for readers to learn, get support and fantastic resources, and find applicable products that are a good fit for them. You can support this site by purchasing high quality products or services from the sponsors I link to.