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Dividing Property and Debts
States have their own provisions for dividing property at divorce. Many divide only property acquired during the marriage; some states include property which a spouse owned before the marriage or received as a gift during the marriage. If you and your spouse are unable to agree on who gets what, the court will divide the property based on various factors. The court may consider the contributions of each spouse to the property, the contributions of each spouse to child care and homemaking, the financial resources and needs of each spouse, and the income and career potential of each spouse. Your lawyer can help you obtain a fair division of property and help you avoid overlooking valuable assets such as pension rights.
You and your spouse can assign responsibility for your debts in a separation agreement. If you are unable to agree on a division of responsibility, the court will probably apportion them in accordance with the same kinds of considerations used to divide the property of your marriage. Your lawyer can help you obtain compensation from spouses for failure to pay debts that are their responsibility.
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation.
Copyright © 2008 by Velasco Law Office. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.
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