What Is Community Property?
In the simplest terms, community property refers to a state-level distinction in which most assets collected during a marriage are owned equally by both spouses. In states that undergo this law, the distribution of assets becomes relatively simple, as both spouses own everything with a 50-50 share. However, it’s important to remember that not all states rule by these laws. The ones which include community property jurisdiction are listed below:
- California.
- Arizona.
- Nevada.
- Louisiana.
- Idaho.
- New Mexico.
- Texas.
- Wisconsin.
What Is Equitable Distribution?
Equitable distribution is a little more complicated than its previously mentioned counterpart. In equitable distribution states, courts don’t always rule against splitting assets 50-50. Judges will not necessarily deem all assets to be owned by both partners equally, meaning they will not be split down the middle. Instead, the courts will split up assets based upon what they view as fair. This is one of the reasons hiring quality representation is so important when going through a divorce. New York is an equitable distribution state, and our legal team at Winkler Kurtz, LLP, will create a case that allows for asset distribution to land in your favor.
Best Way To Handle Equitable Distribution Cases
For divorces that do not have the luxury of having both spouses lay an equal claim to all assets, it’s essential to have a gameplan to handle this. Fortunately, after helping many different clients through this exact situation, our legal team knows how to handle this. Below are some of the most critical steps we’ll help you take part in to give you the best chance of retaining the majority of your desired assets:
- Creating a detailed list of all of your assets.
- Getting all of your property valued.
- Determine if certain assets fall under marital or separate property.
- Remember that debts will also be split up between parties.
- Attempt to draft a settlement agreement before the divorce starts.
Work With Winkler Kurtz, LLP
Hiring a subpar legal team is one of the worst things you can do when going through a divorce. Not only will you have to deal with emotional distress, but also the legal and financial repercussions as well! To avoid this headache, be sure to work with our team at Winkler Kurtz, LLP. To learn more about the difference between community property vs. equitable distribution, contact us to schedule a free consultation today.