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Step-By-Step Advice For Those Thinking About Divorce

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Dividing Marital Property

Once you’ve handed over proof of income, proof of debt and proof of all owned and acquired during the marriage you will begin the process of dividing property. As you may already know property is classified as either marital or non-marital property. How property is divided depends on the state you reside in. Most states divide property equitably but that are some states that are community property states.

Things that are taken into consideration are whether the property was obtained before the marriage or during the marriage and whether the property was given as an inheritance or a gift to one of the spouses. If spousal support or division of retirement benefits is an issue you will also need to take into consideration the future earning potential of each spouse, any tax consequences and of course whether or not there was a prenuptial agreement.

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