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Marital Property Division

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Equitable Distribution

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A legal principle where marital property is divided equitably but not necessarily equally among divorcing spouses.

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Community Property

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A legal system where all property acquired during the marriage is considered owned equally by both spouses.

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Separate Property

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Property that a spouse owned before the marriage or received as a gift or inheritance, not subject to division during divorce.

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Marital Property

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Property acquired during the marriage, including but not limited to income, assets, and real estate, subject to division upon divorce.

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Commingling of Assets

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The mixing of separate property with marital property, which may lead to the separate property being treated as marital property in a divorce.

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Premarital Agreement (Prenup)

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A contract signed before marriage outlining how assets will be divided in the event of divorce.

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Divorce Decree

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A court's final order officially ending a marriage, which includes decisions regarding asset division.

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Marital Debt

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Debts incurred by either or both spouses during the course of the marriage and subject to division upon divorce.

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Alimony (Spousal Support)

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Financial support paid by one spouse to the other after a divorce to maintain the lifestyle they were accustomed to during the marriage.

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Divorce Mediation

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A process in which a neutral third party assists divorcing spouses in reaching a settlement agreement to avoid litigation.

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Financial Affidavit

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A legal document that details an individual's income, expenses, assets, and liabilities during a divorce proceeding.

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Property Settlement Agreement

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A legal document that spells out how property will be divided between divorcing spouses and may also cover issues like alimony and child support.

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Pension Rights

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Retirement benefits accumulated during a marriage that may be considered marital property and thus subject to division during divorce.

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Qualified Domestic Relations Order (QDRO)

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A legal order that divides pension or retirement benefits between spouses and is recognized by a retirement plan.

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Appreciation of Separate Property

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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.

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Marital Home

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The primary residence of the spouses during the marriage, often considered marital property and subject to division.

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Buyout

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The act of one spouse paying the other spouse for their share of an asset, such as the marital home, during the divorce process.

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Transmutation of Property

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The legal process by which separate property becomes marital property due to a change in form or a commingling of assets.

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Discovery Process

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The pre-trial procedure where each party can obtain evidence from the other party through various means like requests for documents, depositions, and interrogatories.

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Hidden Assets

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Assets that one spouse has concealed to avoid including them in the marital property division during a divorce.

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