Property Division Agreements

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Commonly Asked Questions about Property Division Agreements

What is the division of property clause?

In a division of property clause, you can specify that assets or debts typically considered community property will be treated as separate property upon divorce. For example, you may state that individual credit card debt acquired during the marriage is separate rather than community debt.

How is property divided in a divorce in NY?

New York courts must divide the marital property equitably. That means fairly, considering the circumstances of the case and of the parties involved, but it does not necessarily mean equally. There is no statutory requirement of a 50/50 split of marital property.

What is division of estate?

A devisee means a person designated in a will to receive a devise, which is defined as a testamentary disposition of real or personal property. Whereas heirs will always be family to the deceased, anyone named in a decedents will is considered a devisee including friends, co-workers, and so on.

Who controls the division of property?

The vast majority of states use the rule of equitable distribution. In a nutshell, the judge will divide all of the couples marital property (and allocate their marital debts) based on the judges decision as to what is fair to both spouses under the particular facts of each case.

What is the division property rule?

The division property of equality means when both sides of an equation are divided by the same number, the equation will remain true. The divisor cannot be zero, and must be the same on both sides of the equal sign in order for this property to hold true.

What steps are involved in the division of property?

Typically, there are four steps involved in dividing property in a divorce: Identifying all property and the type of property it is. Characterizing property as either: Community property. Separate Property. Hybrid/mixed property. Estimating the value of the property. Dividing the property.