Legislation regarding marital rights and division of the assets following a divorce varies greatly from state to state. According to Forbes, the greatest determining factor in asset division is whether the couple resides in an equitable distribution or a community property state. Community property states recognize both partners as equal owners of property and assets, whereas equitable distribution states allow divorce settlements based on the histories of the two parties.Know More
According to Cornell University's Legal Information Institute, property falls into two distinct categories: marital and separate. Married spouses share ownership of property acquired during the course of the marriage. Should a spouse enter into a marriage with existing property or assets, those belongings are separate and not necessarily subject to the ruling of a divorce court.
The Association of Divorce Financial Planners also cautions divorcing spouses to pay close attention to hidden assets. Unreported income and property held through a third party are subject to the same division principles as other assets. It is important to discuss the division of any and all property thoroughly before signing settlement paperwork. Furthermore, the Association of Divorce Financial Planners recommends working with a professional to determine whether maintenance payments are necessary by one spouse to preserve the standard of living for both individuals.Learn more about Law
If children of deceased veterans meet certain criteria, they are entitled to dependency and indemnity compensation benefits, according to the U.S. Department of Veterans Affairs. However, in the case of the Agent Orange settlement fund, children of deceased veterans can no longer collect these particular benefits.Full Answer >
In the state of Michigan, the right of dower assigns a married woman one-third ownership rights to any property purchased by the husband. Dower rights are claimed after a husband dies. The widow is entitled to a portion of the property assets for the rest of her life.Full Answer >
When probate is granted the deceased's chosen executor or the court-appointed administrator begins the process of paying off debts and distributing assets, according to FindLaw. If there is property not directly bequeathed to anyone, it is sold, and the funds become part of the estate.Full Answer >
To write a prenuptial agreement, contact an attorney who specializes in prenuptial agreements to draw up a contract stating how assets should be distributed in the event of a divorce. Partners should discuss the prenuptial agreement and be open about financial matters, advises Bankrate.com.Full Answer >