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Property Division and Settlements

Property Division and Settlements:

Community property assets are those assets which either or both of the parties have acquired during their marriage from their personal efforts and income. Community debts are those debts which are incurred during the marriage. Both community assets and debts are divided equally between the parties. Community assets consist of:

● the Real Property acquired and owned by the parties;
● Vehicles owned by the parties;
● Pension Plans, 401Ks, IRAs, Annuities;
● Whole Life Insurance Policies;
● Financial Accounts, Bonds, Stock, Bank Accounts;
● Businesses owned by the parties.

Separate property assets are those which one of the parties brought into the marriage, inherited during the marriage, received by gift during the marriage, or acquired after separation. Separate property assets and debts are awarded to the party owning the asset or incurring the debt. Also included as separate property are:

● Personal Injury Awards for injuries suffered;
● Student Loans;
● Debts incurred before marriage or incurred on separate property of the spouse;
● Pension Plans, 401Ks, IRAs, Annuities acquired before marriage.