Division of Property

Definition

  • The process of deciding the ownership of assets when a marriage ends. Property obtained by either spouse over the course of the marriage must be equally divided between both spouses.

Synonyms
splitting of property, division of assets

Related Terms and Acronyms

  • Common Law Marriage (CLM) Acronym,
    • To be recognized as being married without foregoing a matrimonial ceremony.
  • Community Property (CP) Acronym, Important,
    • Possessions, real estate and profits that a husband and wife receive during the marriage, excluding gifts and inheritances. Upon divorce, community property is distributed equally.
  • Jointly-owned Property Definition,
    • A property held in the name of more than one person.
  • Liquidation Definition,
    • To settle the outstanding debts by selling property.
    • To convert into cash.
    • The practice of selling or redistributing some or all of a business's assets in order to repay debts or pay investors if the business becomes insolvent or is sold in full or in part.
  • Reconciliation Definition,
    • Checking all bank account papers to make sure that the bank's records and your records agree.
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