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Difference between revisions of "Dividing Property and Debts"
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Dividing Property and Debts (view source)
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{{ | {{REVIEWEDPLS | reviewer = [http://jimalelawcorp.com/about-zahra/ Zahra H. Jimale], Jimale Law Corporation|date= May 2017}} {{Dial-A-Law TOC|expanded = divorce}} | ||
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When a relationship ends, spouses are presumed to keep property they brought into the relationship and to share in property they acquired during their relationship. The same goes for debt. | When a relationship ends, spouses are presumed to keep property they brought into the relationship and to share in property they acquired during their relationship. The same goes for debt. | ||
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Spouses are presumed to keep the property each of them brought into the relationship and to share in the things they acquired during their relationship. The same rules apply about debt. Spouses are presumed to share responsibility for the debts that accumulated during their relationship. | Spouses are presumed to keep the property each of them brought into the relationship and to share in the things they acquired during their relationship. The same rules apply about debt. Spouses are presumed to share responsibility for the debts that accumulated during their relationship. | ||
If you don’t qualify as a spouse, the laws that apply to your situation are different. See our information for [[Your Income, Support and Property Rights ( | If you don’t qualify as a spouse, the laws that apply to your situation are different. See our information for [[Couples Who Are Not Spouses: Your Income, Support and Property Rights (No. 148)|couples who are not spouses (no. 148)]]. | ||
===Each spouse is presumed to keep certain “excluded” property=== | ===Each spouse is presumed to keep certain “excluded” property=== | ||
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Yes. Spouses can agree to an unequal division of property and debt in a '''separation agreement''' or by a court order called a “'''consent order'''”. Also, they might have made a '''marriage agreement''' when they got married (or cohabitation agreement when they began to live together) sorting out their interests in excluded property or family property. | Yes. Spouses can agree to an unequal division of property and debt in a '''separation agreement''' or by a court order called a “'''consent order'''”. Also, they might have made a '''marriage agreement''' when they got married (or cohabitation agreement when they began to live together) sorting out their interests in excluded property or family property. | ||
Courts respect agreements about property and debt division and will uphold them as long as the agreements are fair. For more on family law agreements, see our information on [[Separation and Separation Agreements ( | Courts respect agreements about property and debt division and will uphold them as long as the agreements are fair. For more on family law agreements, see our information on [[Separation and Separation Agreements (No. 115)|separation agreements (no. 115)]] and [[Marriage Agreements and Cohabitation Agreements (No. 162)|marriage and cohabitation agreements (no. 162)]]. | ||
===Can a court divide excluded property?=== | ===Can a court divide excluded property?=== | ||
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