{"id":351728,"date":"2016-04-04T11:02:29","date_gmt":"2016-04-04T16:02:29","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/family\/divorce\/checklist-dividing-marital-property.html"},"modified":"2023-06-08T15:23:05","modified_gmt":"2023-06-08T20:23:05","slug":"checklist-dividing-marital-property","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/family\/divorce\/checklist-dividing-marital-property.html","title":{"rendered":"Checklist: Dividing Marital Property"},"content":{"rendered":"\n
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Checklist: Dividing Marital Property<\/h1>\n
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Created by FindLaw’s team<\/a> of legal writers and editors<\/i><\/p>\n\n | Last updated\n

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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

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Key Takeaways<\/h2>\n

Dividing marital property can be difficult and stressful. So, it makes sense to learn about the marital property laws in your state and properly prepare.<\/p>\n\n <\/div>\n <\/div>\n<\/div>\n

Married couples usually combine their assets and purchase goods together, so the lines of ownership are blurred. This is a non-issue when couples are happily married and sharing resources, but it can become a big headache in the divorce process. Items purchased or otherwise acquired by a married couple are collectively called "marital property<\/a>." All other non-marital property is called "separate property<\/a>."<\/p>\r\n\r\n

State Marital Property Laws: Overview<\/h2>\r\n

Nine states (including California<\/a> and Texas<\/a>) are community property<\/a> states. This means all property acquired during the marriage is divided equally.<\/p>\r\n

In states that don’t recognize community property (such as Florida<\/a> and Illinois<\/a>), the judge weighs arguments on both sides. They will apply formulas to determine an equitable distribution<\/a> of assets.<\/p>\r\n

Equitable division focuses on what is fair, not necessarily equal. In all states, the parties in a divorce may reach a divorce settlement<\/a> where they agree on how to divide the assets. This is typically done through divorce lawyers and\/or mediation.<\/p>\r\n

Marital Debts and Liabilities<\/h2>\r\n

In addition to the division of property and marital assets in a divorce, the two parties may be required to divide debt and other liabilities. This may include debt on shared credit card accounts<\/a>, mortgages, and outstanding bills for goods or services purchased during the marriage, to give some examples. The divided obligations for taking care of debts after a divorce will depend on several factors, including each party’s income.<\/p>\r\n

Dividing Marital Property: A Checklist<\/h2>\r\n

When dividing marital property, it’s easy to get caught up in who gets the big stuff — the cars, the family home, the boat. In actuality, all of your marital property must be divided. In the heat of disputed divorce proceedings, it may be easy for some important details to fall through the cracks. This property division checklist can help you keep your bearings so that you and your attorney can work together to formulate a property settlement in your best interests.<\/p>\r\n

Real Property<\/p>\r\n