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Legal Classifications of Property in a Divorce

Every couple gets married with the hope of spending their whole lives together. Sometimes, however, situations arise that get in the way of this dream and divorce becomes the unfortunate end of their relationship. There are many aspects involved in divorce, but property is one of the thorny issues.

To guarantee you get your equitable share of the marital estate, hiring divorce lawyers in Little Rock, AR is prudent. There are three primary categories of property recognized in divorce law.

Community/Marital Property

This refers to all the assets you and your partner bought, earned, or acquired during your marriage. Community property also includes all the debts the two of you incurred. These assets and liabilities are typically equally divided among you and your ex during the divorce. There are other instances, however, when equal marital property division isn’t feasible.

Separate Property

Only one spouse owns this property. In most cases, the property is inherited or given as a gift to this spouse. Separate property remains the owner’s in divorce and isn’t distributed. If this property earns some form of income over the course of your marriage, this also remains the owner’s. Most couples also include all property acquired before the marriage as separate in their prenuptial agreement.

Mixed Property

This bears characteristics of both separate and marital properties. A spouse, for example, might incur credit card debt during the marriage buying gifts for other people. Mixed property is the cause of most issues in divorce proceedings and is generally recognized and disposed of by courts and lawyers.

Your divorce need not be marred by endless battles and eventual bad blood between you and your ex. You can have an amicable divorce and fair property division with a good divorce attorney. This ensures your relationship with your former partner remains cordial, more so if you have children.

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