Property Division In Divorce

Generally, all property acquired during the marriage is community property and subject to division by the court. Separate property is property owned by a party prior to the marriage or obtained as a result of inheritance or gift from outside of the marriage. Separate property usually will be set aside to the party who brought it into the marriage and will not be divided by the court. However, appreciation on separate property which occurred during the course of the marriage may be divided. Courts will try to make an equitable division of the property of the parties to a divorce action. However, this does not necessarily mean assets will be divided equally.

Division of Debt in Divorce

Debts are treated much the same as assets in that those acquired before the marriage belong to the person in whose name they were acquired and those acquired during the course of the marriage will be divided between the parties. The fact that one party earned the majority of the assets or incurred the majority of the debt during the marriage does not necessarily affect property division.

Divorce Settlement Agreements

If the parties can agree as to how to resolve the issues concerned in their divorce, they can enter into a separation and property settlement agreement. The agreement is a written document embodying the parties' understanding as to all issues. The agreement is signed by both parties and taken before the court after the 60-day cool-off period has expired. If the agreement appears fair, just and equitable, the court will approve it and incorporate the terms of the agreement into its decree of divorce.