Debt, Divorce and Splitting of Assets
No, a spouse is not legally responsible for debts that the other spouse contracted before the marriage and that are, therefore, presumably in just their name. On the other hand, assets garnered during the marriage would fall under a '50/50 split' for all 'community property' states, such as: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
Living in any other state without 'community property' laws does not necessarily mean the divorce will not result in a 50/50 splitting of assets. In fact, all other states typically have additional stipulations in order to have the assets divided either 50/50 or equitably. For example, Florida has a "equitable distribution” rule which divides the assets based on each spouse's contribution to the said asset. Because of this, divorces can become quite messy and therefore an attorney should be contacted to further clarify the state laws where one currently resides.
Related Articles
What Happens When Property, Businesses and A Spouse Go Through A Divorce
If one's spouse is on the deed to a property, owns a percentage of interest in an entity, then that spouse is entitled to whatever their percentage of ownership equates to in dollars. For the issuance of Capital Interest Certificates (CIC) in a ...
How Does A Trust Help With A Divorce / Separation
From the desk of Carlton Weiss, Just clarify at the outset that those who mistrust — miss trusts. Those who mistrust are those who make a serious mistake. What I will be discussing is the mistake of missing the point about Express Trusts and the ...
Can A Trust Protect My Assets Before Being Served With Divorce Papers
Yes, but the exchange of assets into the trust must occur prior to divorce papers being successfully served and may only occur for assets which are owned in whole by one’s self or can be placed into the trust in partial (i.e. business equity, ...
Can Debt Collector Contact Others About One's Debt
If one has an attorney, the FDCPA prohibits a debt collector from contacting anyone other than one's attorney. If one does not have an attorney, the debt collector may contact other people, but only for the purpose of finding out where one lives or ...
What Happens to Capital & Beneficiary Interest Certificates When A Spouse Dies
Capital Interest Certificates: The certificates are passed on according to the deceased's Will, Trust or written wishes. If married (common law or statutory), the assets will naturally pass onto the surviving spouse. Beneficiary Interest ...