Kimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a.
Kimberlee Leonard Small Business Expert WriterKimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a.
Written By Kimberlee Leonard Small Business Expert WriterKimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a.
Kimberlee Leonard Small Business Expert WriterKimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a.
Small Business Expert Writer Mike Cetera Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The.
Mike Cetera Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The.
Mike Cetera Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The.
Mike Cetera Editor in Chief, Forbes Marketplace U.S.Mike Cetera is the editor in chief for Forbes Marketplace U.S. Mike has written and edited articles about mortgages, savings accounts, CD rates and credit cards for more than a decade. Prior to joining Marketplace, his work appeared on Bankrate, The.
| Editor in Chief, Forbes Marketplace U.S.
Updated: Aug 23, 2022, 11:42am
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Understanding divorce property division is an important element of any divorce. States divide marital property based on community property or equitable distribution laws. When property is community property, it is equally shared. In equitable distribution states, property is divided in a way that is fair but not necessarily equal.
In this guide, we’ll take a close look at community property states in 2024, so you can find out which rules apply to your state.
In states that have community property laws, all assets and debts acquired during the marriage (with some exceptions) are considered community property and are equally owned by both spouses, regardless of whose name is on the item. If the couple divorces, each spouse is entitled to half of the community assets and debts.
The theory behind community property is that as spouses contribute to the marriage with income and maintain a household, they equally share in the accumulated assets and debts. Even a stay-at-home parent contributes to the success of the marriage and should be able to share in the assets equally.
As assets and debts come into the marriage, they are considered community property. The items that money buys are considered equally owned by both spouses. And just as both spouses are responsible for helping grow assets in the marriage, they are also equally liable for debts.
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Small Business Expert WriterKimberlee Leonard has 22 years of experience as a freelance writer. Her work has been featured on US News and World Report, Business.com and Fit Small Business. She brings practical experience as a business owner and insurance agent to her role as a small business writer.
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