A partner at Gladstone & Weissman, attorney Jeffrey “Jeff” Weissman practices in Ft. Lauderdale, Florida. Focusing on divorce, attorney Jeff Weissman advises clients on how property is split after divorce.
2. INTRODUCTION
A partner at Gladstone & Weissman, attorney Jeffrey “Jeff” Weissman practices
in Ft. Lauderdale, Florida. Focusing on divorce, attorney Jeff Weissman advises
clients on how property is split after divorce.
When a married couple divorces, how their property is split will depend on a
number of factors, one of which is the state the two live in. If they lived in a
community property state, then the property acquired by either person during
the marriage is regarded as community property. The two spouses own that
property 50/50. Neither can dispose or otherwise deal with that property
without the consent of the other partner. And in the case of divorce, that
property will be shared equally between them.
The property that forms part of this community property includes all income
realized during marriage and property acquired using that income. It excludes
property belonging to either person before marriage, property gifted to one
spouse, and property inherited by one spouse.
3. COMMON LAW
There are nine community property states in the United States. They
include Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas,
Washington, and Wisconsin. Alaska and Tennessee are considered opt-in
states since they allow parties to the marriage to sign an agreement
designating community property.
All other states are common law property states. In these states, property
acquired during marriage does not belong to the partners equally, but
rather belongs to the partner who acquired it. That means the property is
not subject to equal distribution after divorce. However, the court can
order one partner to give the other certain property to make the
settlement fair or in-line with that partner’s contributions in the marriage.