When it comes to family law, especially divorce, there are many factors to understand and take into account when proceeding. There’s a reason why divorce lawyers are so common in the United States. Because of all the laws, loopholes and factors involved in dividing up wealth, a high quality lawyer is necessary to protect your rights when settling with your spouse.
One major issue that will effect the outcome of your divorce settlement is if you live in a common law property state or a community property state. Most people are aware of the dividing up of assets, but are surprised with the division of debt between parties.
If a state is a common law property state (most states), then assets and/or property is owned by whoever purchased it unless a couple decides to jointly own something. There are many nuances to understand including what the specific things were purchased for. For example, living expenses are shared even in a common law property state.
Nine states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin) are community property states, which means that debts acquired by either party are legally the responsibility of both parties. You can see how this drastically changes the division of assets and debts in a settlement.
These are just two small factors to be aware of when dealing with divorce and family law. One thing is clear though: t’s important to either do all the research or consult a good lawyer who knows. When it comes down to it, the greatest asset that you need to protect is you.
1LAW is an affordable, transparent law firm in a time when it’s difficult to differentiate between different firms’ abilities, strengths and weaknesses. They are committed as the voice of their clients when faced with difficult life situations, and provide a tailored fit approach to each individual or entity. The need for a lawyer is often disconcerting, but 1LAW strives to efficiently and affordably provide the best legal support possible.