Community Property vs. Equitable Distribution
What is the difference between "community property" and "equitable distribution" laws in a divorce? If you're getting a divorce, you've probably already heard two things about how your assets will be divided: first, that it's community property in one state and equitable distribution in another, and second, that it depends on the judge. This can be confusing if you don't know that property laws vary by state. Community Property Law Community property laws are in place to protect the economic interests of each spouse. It is a state law that can apply to the property division in a divorce. For example, if one spouse makes half of the household income, the other spouse would not be allowed to take all of the assets acquired during the marriage and, instead, have to share them with their spouse. It can be complicated when a couple has been married for a long time and accumulated significant assets. An attorney may recommend that the couple enter a commun...