Category Archives: Property & Debt

Property and Debt in a Divorce

Liability for a spouse’s debts depends on whether the divorce happens in a community property or equitable distribution state. In the ten states with community property rules, both spouses are responsible for most debts incurred by one spouse during the … Continue reading

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Marrying Someone With a Ton of Debt

Many younger people now go down the aisle with a load of debt on their shoulders. Student loans can be a crushing burden on those who carry them. Joining lives means combining lives, libraries and living room, but combining debts … Continue reading

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A Spouse’s Debts

In a divorce, dividing the marital pie – the assets and liabilities – depends on where the partners file for divorce; whether he or she lives in a community property or equitable distribution state. Assets are divided in half or shared equitably. In the community … Continue reading

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Five Rules for a Midlife Prenup

A middle aged person going to the altar probably wants to protect his or her assets – and children – with a prenuptial agreement. When a person marries in midlife – whether it’s the first marriage or the fourth – a prenuptial agreement is a good idea because … Continue reading

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Dissipation

Dissipation of marital assets – the wasting of money through extravagant spending, gambling or excessive borrowing or fraudulent conveyance to third parties – is the most common form of economic misconduct in divorces. Very often, a spouse contemplating a divorce … Continue reading

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Divorce, Debt, and Credit Rating Issues

Nothing is worse than starting out a new life with bad credit, but measures can be taken during the divorce to reduce the chances of debt and credit rating woes, according to William Donaldson, a certified financial planner and a … Continue reading

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Joint and Several Liability

Divorcing couples deal with debt in one of three ways: One, they pay it all off; two, they service it jointly; or three, they divide it and each take a share. While option one may be difficult, it makes for … Continue reading

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Balancing Competing Goals

In dealing with dissipation, courts balance the competing goals of preventing dishonest or reckless expenditure of marital funds against reasonable use of marital funds for legitimate purposes. Courts consider the marital asset dissipated if 1) the asset is lost; 2) … Continue reading

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Equitable Distribution, Community Property and Personal Debt

In the United States in a divorce, courts use one of two regimes in the distribution of property and division of debt – community property and equitable distribution. In community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, … Continue reading

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Money and Divorce

Money is one of the most common stressors in a relationship, and couples that fight regularly about their finances are 30 percent more likely to divorce, according to the study “Examining the Relationship Between Financial Issues and Divorce,” published in … Continue reading

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