Whats the general rule of property division (equitable distribution, community property, or legal title)?
Maryland is an equitable distribution state. This means that the division of property and debts between the divorcing parties should be fair and equitable, but not necessarily equal. There is no fixed standard to divide property, each case will be decided on its facts, and the trial courts discretion will not be disturbed on appeal without a showing of clear abuse. This is how the courts of Maryland distribute property: 1. First, the court finds and values the property (equity in the house, value of pensions, value of antique furniture). 2. Next, the court determines whether the particular piece of property is separate or non-marital property and remains with the person who owned it. 3. Then the court distributes the marital property. The court must divide joint accounts equally. The court cannot change title to property (except pensions). So items such as the house and furniture are ordered sold by a trustee and the proceeds divided equally.
New York State is an Equitable Distribution state. The marital assets and debts of the parties (marital property) will be divided in an equitable fashion. This does not necessarily mean equal, however. What it does mean is that, based on the particular facts of the case, the assets and debts will be divided in a manner that fairly represents the parties contributions to the marriage. For example, if assets were brought into the marriage, but have appreciated in value, the marital portion (the appreciation) would be subject to equitable distribution based on what contributions were made.
Virginia does not have “community” property as that term is generally understood. We have “equitable distribution”, which is kind of a first cousin to the “community property”. Va. Code §20-107.3 spells out the details: A. Upon decreeing the dissolution of a marriage, and also upon decreeing a divorce from the bond of matrimony, or upon the filing with the court as provided in subsection J of a certified copy of a final divorce decree obtained without the Commonwealth, the court, upon request of either party, shall determine the legal title as between the parties, and the ownership and value of all property, real or personal, tangible or intangible, of the parties and shall consider which of such property is separate property, which is marital property, and which is part separate and part marital property in accordance with subdivision A 3. The court shall determine the value of any such property as of the date of the evidentiary hearing on the evaluation issue. Upon motion of either p
Related Questions
- Division of Property and Debts Whats the general rule of property division (equitable distribution, community property, or legal title)?
- What’s the general rule of property division (equitable distribution, community property, or legal title)?
- What is the general rule of property division (equitable distribution, community property, or legal title)?
