How Is Common Law Property Divided in the Event of A Divorce?
When a couple is married, the division of property in the event of divorce is fairly straightforward. In common law states, each spouse owns the property he or she brought into the marriage as well as any property acquired during the marriage. In equitable distribution states, there are two types of property: marital and separate. Marital property includes all property acquired during marriage, any real estate owned by either spouse before the marriage, and any increase in value of separate property during marriage. Separate property is everything else — retirement benefits, inheritance, life insurance policies, personal injury settlements and gifts from other people.
When a couple divorces in an equitable distribution state, the court will divide all marital assets in half and give one-half to each partner. The division is not necessarily equal—the court considers several factors including length of marriage and which spouse supported the other one through school or working while he or she was in school or training for a job. The court can also take into account debts paid off by only one person (for example, if only one person paid off credit card debt). When dividing up separate property, courts work to do what is fair for both partners after all other things considering.
So, to answer your question with exactness, we’d need to know what state you are living in. Your next best step is to contact a divorce lawyer to understand what your state would do.
If you’re in Utah and you need a free consultation, call this law firm. They’ll help you.
Ascent Law LLC
8833 S Redwood Road Ste C
West Jordan UT 84088
(801) 676-5506
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