![]() Nine (9) States have enacted community property laws: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. This also includes debt and does not matter if each spouse has their own separate credit cards or bank accounts. 1288 (1948), IRM 25.18.1.3.5 (Annulment) 2.) Community Property LawĬommunity Property law means that from the start of the marriage, all assets acquired and money earned by any of the spouses, is the property of the marriage. Laws – Uniform Marriage & Divorce Act § 307, Barr v. Assets and debts of each spouse (or combined).įorty-one (41) States have enacted equitable distribution laws: Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, West Virginia, and Wyoming.Financial contributions during the marriage (who paid for what).The court takes into a multitude of factors such as: There are two (2) ways to calculate how property is divided in the USA:Įquitable distribution law is the “ fair” separation of assets (not equal). The decree is often sent in the mail to both parties within 30 days of the final court hearing.Īfter the divorce decree is sent, the spouses may use for name change purposes or to file with any other government agency. Once the marital settlement agreement has been filed the couples may apply for a divorce decree (or ‘divorce judgment’). The judge will review the document and ensure that it’s considered fair and reasonable to both parties. Step 7 – Go to CourtĪfter the marital settlement agreement is signed it must be filed with the court. This document is recognized in every State and must be signed by both spouses. Step 6 – Sign the Marital Settlement AgreementĪfter both spouses have come to a general agreement it must be written in a marital settlement. During this time, the judge may weigh in on what is delaying the proceedings from going forth. The negotiating process will often be at the same time as the court proceedings. Step 5 – Begin NegotiatingĮverything is on the table including the division of assets, debts/liabilities, spousal support (alimony), custody, and child support. It’s highly recommended to keep emotions out of the process as difficult as that might be. This is a preliminary meeting with each spouse stating items that are the most important to them. Step 4 – Schedule a MeetingĪll assets, bank accounts, and debts should be disclosed. In addition, the other spouse should outline what they are looking to get. Step 3 – Contact the Other Spouse’s Legal CounselĪfter a draft of the wants and needs of the spouse has been created, it should be sent to the other spouse’s attorney. The attorney will use the current incomes of the spouses and child custody schedules to determine how much will be paid for alimony and child support. It’s best to gather their income tax returns for the last 2 years along with a financial disclosure of the couples’ assets and liabilities. Meet with the attorney and figure out the best course of action. It’s best to find a local attorney recommended by friends and family or use a website referral service. Step 1 – Find an AttorneyĮven if an uncontested divorce has been agreed upon, it’s highly recommended both parties get legal counsel to oversee the process. Therefore, it’s important to stay cool no matter what threats are made with the goal of completing an agreement. When all the assets of the couple are at stake, things can get ugly. Negotiating is what most people imagine with lawyers going back and forth arguing over different assets and custody. Step 6 – Sign the Marital Settlement Agreement.Step 3 – Contact the Other Spouse’s Legal Counsel.This comes in the form of alimony and child support.Īpproval from Judge – After the marital settlement agreement has been signed by both parties, it must still be approved by the judge. If there is no prenuptial agreement, the partner with the higher income will be required to provide monetary assistance to the other. What is a Marital Settlement Agreement?Ī marital settlement agreement, or “ MSA“, outlines the basic terms for a divorce between a married couple.Marital Settlement Agreements: By State.
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