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Marital Property Division
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Flashcards
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Equitable Distribution
A legal principle where marital property is divided equitably but not necessarily equally among divorcing spouses.
Community Property
A legal system where all property acquired during the marriage is considered owned equally by both spouses.
Separate Property
Property that a spouse owned before the marriage or received as a gift or inheritance, not subject to division during divorce.
Marital Property
Property acquired during the marriage, including but not limited to income, assets, and real estate, subject to division upon divorce.
Commingling of Assets
The mixing of separate property with marital property, which may lead to the separate property being treated as marital property in a divorce.
Premarital Agreement (Prenup)
A contract signed before marriage outlining how assets will be divided in the event of divorce.
Divorce Decree
A court's final order officially ending a marriage, which includes decisions regarding asset division.
Marital Debt
Debts incurred by either or both spouses during the course of the marriage and subject to division upon divorce.
Alimony (Spousal Support)
Financial support paid by one spouse to the other after a divorce to maintain the lifestyle they were accustomed to during the marriage.
Divorce Mediation
A process in which a neutral third party assists divorcing spouses in reaching a settlement agreement to avoid litigation.
Financial Affidavit
A legal document that details an individual's income, expenses, assets, and liabilities during a divorce proceeding.
Property Settlement Agreement
A legal document that spells out how property will be divided between divorcing spouses and may also cover issues like alimony and child support.
Pension Rights
Retirement benefits accumulated during a marriage that may be considered marital property and thus subject to division during divorce.
Qualified Domestic Relations Order (QDRO)
A legal order that divides pension or retirement benefits between spouses and is recognized by a retirement plan.
Appreciation of Separate Property
Increase in the value of separate property that may be considered marital property if the appreciation is due to efforts or funds during the marriage.
Marital Home
The primary residence of the spouses during the marriage, often considered marital property and subject to division.
Buyout
The act of one spouse paying the other spouse for their share of an asset, such as the marital home, during the divorce process.
Transmutation of Property
The legal process by which separate property becomes marital property due to a change in form or a commingling of assets.
Discovery Process
The pre-trial procedure where each party can obtain evidence from the other party through various means like requests for documents, depositions, and interrogatories.
Hidden Assets
Assets that one spouse has concealed to avoid including them in the marital property division during a divorce.
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