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In 9 US states, a divorce means you'll lose half of everything you own — here's why


Upon divorce, those assets — including real estate, dependent children ... and Wisconsin. Residents of Alaska can opt-in to a community property agreement. 2. Equitable distribution: Marital assets (not including separate property) are divided "fairly ...


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Tech Finance Politics Strategy Life All Tech Finance Politics Strategy Life All (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); × From To You have successfully emailed the post. × In 9 US states, a divorce means you'll lose half of everything you own — here's why Tanza Loudenback Jan 5, 2018, 9:19 AM 62,596 facebook linkedin twitter email print Skye Gould/Business Insider Estimates of divorce rates in America vary, but the reality is a great many marriages reach this unfortunate conclusion, and the aftermath is frequently messy, both emotionally and financially. When a couple joins as one, their assets typically combine to form a marital estate, and anything they acquire thereafter becomes joint propertyUpon divorce, those assets — including real estate, dependent children, income, cars, furniture, stocks, and retirement accounts — get divided between the former spouses. Depending on the state you reside in, there are two ways your assets could be divided: 1Community property: Marital assets — and debts incurred by either spouse during the marriage — are divided 50/50However, separate property (anything held in only one spouse's name, including property owned before marriage, given as a gift, or inherited) is not taken into accountThe states that observe this law are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Residents of Alaska can opt-in to a community property agreement. 2Equitable distribution: Marital assets (not including separate property) are divided "fairly" at a judge's discretion, taking into account each person's earning potential or income, financial needs, and personal assets. (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); To protect personal assets in either case, couples can set up a prenuptial agreement, which establishes terms for a division of assets in the event of a divorce. Check the map to find out if the state you live in observes equitable distribution or community property law. DON'T MISS: A financial expert explains how to avoid a 'fast route to disaster' in your marriage SEE ALSO: The case against completely merging finances with your spouse NOW WATCH: Here's what Trump's tax plan means for people at every income level from $20,000 to $269,000 a year More: Your Money Marriage Divorce Estate Planning Divorce Law Community Property States Andy Kiersz BI Graphics facebook linkedin twitter email print --> window._taboola = window._taboola || []; _taboola.push({mode:'thumbs-1r', container:'taboola-below-main-column', placement:'below-main-column'}); Recommended For You Powered by Sailthru In 9 US states, a divorce means you'll lose half of everything you own — here's why In 9 US states, a divorce means you'll lose half of everything you own — here's why Estimates of divorce rates in America vary, but... Recommended For You (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); Disclaimer window._taboola = window._taboola || []; _taboola.push({mode: 'organic-thumbnails-e', container: 'taboola-right-rail-thumbnails', placement: 'Right Rail Thumbnails', target_type: 'video'}); (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('); }()); window._taboola = window._taboola || []; _taboola.push({mode: 'ab_thumbnails-a_2x1', container: 'taboola-right-rail-thumbnails-2', placement: 'Right Rail Thumbnails 2nd', target_type: 'video'}); BI.dianomi.setConfigKey(true); BI.dianomi.init('US'); Featured This is why you should be buying gold More "The Bottom Line" » How Lin-Manuel Miranda's non-stop work ethic from a young age made 'Hamilton' one of the most successful musicals of all time More "Stay Hungry" » (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('adRender'); }()); Your Money Emails & Alerts Get the best of Business Insider delivered to your inbox every day. Sign-Up Get the Slide Deck from Henry Blodget's IGNITION Presentation on the Future of Media     Read Business Insider On The Go Available on iOS or Android amplify.publish('editorial-sidebar-loaded', 'editorial2'); Find A Job Tech Jobs C-Level Jobs Media Jobs Design Jobs Finance Jobs Sales Jobs See All Jobs » (function() { 'use strict'; // Notify the DFP code that a new ad has just been rendered amplify.publish('); }());

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