No-Fault Divorce Forms - Community Property States
What is Community Property - Knowing Your Rights Marital Property
If you're married, it's important to know your rights regarding community property and marital property, even if you don't live in a community property state. Community property consists of assets and debts that are considered to have been acquired through joint efforts under the family law of community property jurisdictions. Community of property may consist of items such as the marital home and other real property, joint bank accounts, retirement accounts, credit card debt, vehicles, tax debt, student loans, furniture, home equity, mortgages, and more. Community property concepts will also impact property division decisions made by judges in tax court, bankruptcy court, and probate court.
Community Property Exceptions Marital Property Division
Even in community property states, certain types of property are considered separate property. This includes the following items:
- 1. Debts and assets acquired before marriage.
- 2. Gifts.
- 3. Inheritances.
- 4. Legal settlements for pain and suffering due to accidents and injuries on the job may be deemed separate property. However, the amount of the settlement for damage to community property, such as a jointly owed vehicle involved in an auto accident, and an amount for lost wages, will be considered community property.
- 5. Commingled or combining of assets. For example, if an inheritance given to one spouse is used to pay off the joint debt on a credit card, such commingling of separate property can give the other spouse community property rights and convert the inheritance to community of property.
Community Property States Community Property Agreement
- New Mexico
- Alaska allows married couples can create a community property agreement to classify some or all of their property to be treated as community property.
- Puerto Rico is a community property territory.
Even among community property states, laws vary by state. For example, California will conduct division of property equally, assigning half to each spouse, whereas equitable distribution of community property is possible in Texas. Some state have recognized the concept of quasi community property, when separate property acquired while domiciled in a non-community property state may not necessarily become marital property when the couple later moves to a community property state. In Louisiana, statutes require a pamphlet on covenant marriage and community property to be provided when applying for a marriage license. It explains that a couple who married outside the state and then move to Louisiana have one year from the moving date to enter into an agreement not to have their property considered as community property under Louisiana law. A new concept called community property with right of survivorship has been recognized in some states, which is similar to joint tenants with right of survivorship. Therefore, it is important to consult local law.
US Legal Forms has professionally drafted property agreements for division of property that are state specific. We also offer related forms for property division in legal separation and divorce, all at an affordable cost and expertly designed to suit your needs, whether you live in a state that applies community property law or equitable distribution principles.
Tips for Preparing No-Fault Divorce Forms - Adult Children
- Make sure that you’re entirely ready to start divorce process. Divorce is a very complicated process from an emotional, legal, and financial standpoint for all parties involved. Parting ways with your partner might be a short-sight choice to start new chapter in your life. Before preparing No-Fault Divorce Forms - Adult Children and initiating the divorce process, review all the alternative choices. Talk to a marriage consultant or try therapy. Take as much time as you need to make the most rational decisions.
- Put together No-Fault Divorce Forms - Adult Children and other essential paperwork to terminate your marriage. Whether you start divorce yourself or with an attorney’s assistance, getting all your paper collected and arranged will pave the way for success. Ensure that you don’t leave out important papers. If you decide to a do it yourself divorce, you can use US Legal Forms as expert virtual forms supplier and locate all the needed files to set off the procedure.
- Try to achieve a preliminary arrangement with your spouse. It gets even more crucial if children are concerned. Try and find common ground on child custody and visitation. Plan in advance how you will break the news about split-up to your kids in a much less detrimental way as possible. Discuss with your spouse the assets you’re ready to split, give up, and get. This way, you get a chance to file for an uncontested marriage dissolution and make the entire process less distressing for everyone involved.
- Educate yourself about the nuances of moving forward with dissolution of marriage in the state of your choice. Each state has its own authority regarding who, when, and how|and just how someone can go about getting dissolution of marriage. You can select a state to file for divorce, but you need to think about a range of things concerning the dissolution of marriage regulation in the selected state before you decide to proceed with drafting the No-Fault Divorce Forms - Adult Children. These include but are not limited to statutory and residency requirements, community property polices, and so forth.