Are you getting a divorce? You should know that the way your case is handled varies from one state to another. Although divorce is the same in principle, the complex process differentiates across the board.
Many states observe equitable distribution, meaning any property acquired throughout the marriage is doled out to the respective spouse that had the necessary income to purchase said property. When both spouses contribute equally to property, it’s generally considered a simple process to divide the assets in that case.
There are minority states that do not observe equitable distribution, including California. Instead, assets and finances are essentially split down the middle regardless of who paid for the property or brought in the most money. Some spouses are entitled to a large share of the estate despite only minor contributions.
The situation gets a bit more complicated concerning credit. It’s fairly standard in non-equitable distributing divorces for spouses to share debt, regardless of who acquired it. It’s a delicate situation that requires the assistance of an expert to fully understand. Other issues that differ from one state to another in divorce proceedings include child support laws.
Speak with a family law attorney to better navigate the maze.