Does a spouse always get half in a divorce in America?
Divorce in America - How Assets Are Divided
Most states divide marital assets in the 50/50 range. However, there are nine states that require equitable distribution of assets. The reason for this common practice is that judges like it. The other states, like Virginia, do not mandate an equal split. The states that do require a 50/50 split are those that are known as equitable distribution states.
Getting a divorce in America
While there are many reasons that a couple might get a divorce, the number one reason is financial problems. The majority of divorcing couples are not very wealthy, and the floundering economy can make money troubles even worse. As a result, financial problems are a leading cause of divorce in the United States, and this trend is expected to continue as long as the economy is struggling.
Equitable distribution of marital property
In a divorce, one of the major issues is dividing up marital property. This process is called equitable distribution. The process divides marital assets fairly based on each spouse's earnings potential, personal needs, and financial ability. It also takes into consideration the length of the marriage and the spouses' financial obligations and spending habits.
Separate property
When it comes to divorce, it's important to know what separate property is and how it's divided. Separate property includes items owned before the marriage, gifts received from others, and personal injury awards. Some couples have prenuptial agreements that spell out their separate property in detail. These agreements will help ensure that the less wealthy spouse gets a fair share of the assets if the marriage ends.
Maintenance for ex-wife
Maintenance for an ex-wife in divorce in America is a legal term that refers to spousal support or alimony payments made after a divorce. It is determined by the court based on how much money each spouse earns. Historically, the husband is responsible for the maintenance, but nowadays, many men are seeking this support as well.
Moving out of the marital home before a divorce
Moving out of the marital home before completing a divorce is an option that may be considered by a judge. This move can have consequences on both sides. If you have children, moving out of the home before a divorce can affect your custody rights. Furthermore, moving out of the marital home before a divorce may negatively affect your house ownership rights.
Educational degrees earned during the marriage
Educational degrees earned during the marriage are not necessarily marital property, although the courts may consider the financial contribution made by the non-non-degree-earning spouse. The court should take into account whether the non-degree-earning spouse paid for at least 50% of the household expenses.
Retirement plans
In a divorce settlement, the parties may decide to split their retirement assets. However, they will need to consider the tax implications of doing so. If one spouse has an IRA, the other will most likely have a 401(k) account, and the funds transferred to one will be taxable to the receiving spouse. The receiving spouse may be able to take the distribution, but they will owe federal and state income taxes, and there will be additional taxes to pay if they withdraw the funds early. In addition, both parties should update the beneficiaries of their retirement plans after a divorce.
If you have any questions, you can get a free consultation with Ascent Law LLC:
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
