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Usually, a couple is not very concerned about the properties that belong to each other. However, in the event of death or separation, the issue of division of property comes up. In the United States, the community property system is recognized by most of the states. According to this system, every spouse jointly owns the property that they have acquired during their marriage, however, gifts and inheritances are considered as exceptions to that property. Moreover, when this division takes place, the property is distributed between the spouses either by splitting every item or by dividing the items based on their value. Now the states that do not recognize the community property system go for an equitable distribution of property between the couples. Below are answers to few of the more common legal questions about division of property: We signed an initial property division agreement during our divorce, based on which, I got the Hawaii condo and the Idaho property was transferred on my spouse’s name. However, even though both these properties are owned by us, the mortgage amount on these properties that is needed to be paid per month is on my name and my spouse is not willing to pay the mortgage amount. The amount every month comes to a total of five thousand dollars. Moreover, my spouse is willing to give up her property without signing any quit deed claim. I have also fallen in arrears that are increasing to ten thousand dollars and want to clear my spouse’s credit card debt. What options do I have to fight this financial crisis of mine?
In this case, since you have already filed for divorce, your option would be to complete the entire divorce procedure first. Once that is done and you got your share of the property, you can then file for a solo bankruptcy as per Chapter 13. During this time, you may also try to discharge any credit that is outstanding as the bank will foreclose your mortgage anyway. You can, however, claim the condo in Hawaii as your homestead and file a bankruptcy case over there, provided you live in Hawaii. By filing for this bankruptcy, you can be ensured that you would be able to not only keep your Hawaii condo but also clear any credit debts that you may have. However, if the Idaho property is sold for an amount that is less than what you owe on the loan, then until and unless you pay the lender the remaining amount, he or she might lien the condo. I am aware that the property that you get before anyone gets married cannot be divided during a divorce. However, after our marriage all my money that I had before our marriage took place got spent. So in this kind of a situation, it is possible to claim that amount as a negative number on other financial settlements?
In this case, you would not be able to regain your money as the court would consider that cash as comingled with community property. Thus, all the cash that you had before you got married cannot be recovered despite the fact that anything a person owns before his or her marriage takes place is considered to be a separate property and therefore should not be divided as part of the community. The property division cases are usually complicated in nature. In most cases, you would see the very common as well as complicated disputes would relate to issues surrounding family residence that was purchased during the marriage. The reason it gets more complicated is that both spouses may have contributed in purchasing the property. That is why when there is a mortgage on a particular property which has not been paid off the question arises as to how the liability should be distributed between husband and wife in that case. If you need any clarification about your particular situation on the subject, you may wish to ask a real estate lawyer for legal insight based on an expert evaluation of your circumstances.
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division of property, property division, property division in divorce, unclaimed property division, distributive property division, division of marita,
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