Every other state uses equitable distribution, meaning a court looks at each case to determine what’s fair. Puerto Rico does as well and Alaska allows couples to opt into community property. ![]() There are only nine states that adhere to this definition: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. In a community property state, marital assets and debts must be divided equally. ![]() Property acquired prior to your marriage is, in most cases, separate property and not divided in the divorce unless it is commingled with marital assets or your spouse helps you maintain or increase its value. This includes income, your home, bank accounts, credit card debt and retirement accounts. Marital property is any item, asset or debt (with a few exceptions) acquired during the marriage. Divorce Settlement Definitionsīefore we get into what is in a settlement agreement, we need to briefly define a few terms, including: If you can come to an agreement with your spouse, you can avoid having a judge divide your assets and property for you, making settling usually a better option than going to trial. This document settles the terms of your divorce. What it’s called matters less than what’s included in the agreement. Separation and property settlement agreement.Custody, support and property agreement.You may have heard it described with other names, including: ![]() ![]() A divorce settlement agreement is a legal document laying out the terms of your divorce.
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