Pennsylvania Sample Letter for Divorce - List of Liabilities and Assets
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How to fill out Sample Letter For Divorce - List Of Liabilities And Assets?
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FAQ
How Is Debt Split in a Divorce in California? California is a ?community property? state, which means that any assets acquired and any debts incurred by either spouse during the marriage belong equally to both spouses.
You list all the assets, and debts (debts should be divided as well) acquired during the marriage. Then you figure out the net value of the asset or debt. Then you start dividing the assets or debts and watch the total at the bottom. One spouse can take 100% of the house, while the 401K is divided 60% / 40%.
The Rules for Division of Assets in a California Divorce Each spouse is entitled to 50 percent of marital property. Virtually all property, money and assets acquired during the course of the marriage are considered marital property with a few very limited exceptions such as an inheritance left only to one spouse.
If you get divorced, your legal responsibility for your spouse's debt will depend on the state laws ? whether you live in a common or community law state ? and any prenuptial agreements you signed. If you served as a cosigner or co-borrower, you will be responsible for those debts regardless of where you live.
? This verification must be completed by you, not your attorney. o Affidavit under Section 3301(d) ? This form states that you and your spouse have, in fact, lived separate and apart. for the applicable time period described above. o Blank Counter-Affidavit.
Even though Pennsylvania law does not mandate a 50/50 division of marital property, in practice, a 50/50 division is quite common. If the divorcing spouses have similar incomes from their jobs and the marital assets include a home and modest retirement accounts, the courts will often order a 50/50 division.
A spouse who has a higher income, or is awarded more property, may also be assigned more debt. In the nine ?community property? states, debt incurred during the marriage is divided 50-50, though some of these states also have restrictions or other laws that make it more complicated.
Some states require judges to divide the debts equally between the spouses, while others require or allow judges to allocate the debts in an equitable or fair way.
