Gift splitting is a method of dividing assets between spouses during a divorce. This can be done either by agreement between the spouses or by court order. Gift splitting allows each spouse to keep track of their own assets and avoid any potential conflict over who owns what. Can you gift split with a slat? … Read more
Yours, Mine, and Ours: Who Owns What After Marriage. Whats mine is yours in marriage? In marriage, both partners share equally in the ownership of property and assets. This means that whatever belongs to one spouse also belongs to the other spouse. This is often referred to as ” joint ownership” or “community property.” Can … Read more
The Innocent Spouse Rule is a rule that was created in order to protect individuals who are married from being held responsible for the tax debts of their spouse. This rule allows individuals to file for relief from joint liability if they can prove that they did not know, and had no reason to know, … Read more
Joint owned property is any property that is owned by two or more people. In most cases, joint ownership occurs when two people purchase a property together, such as a home or a car. Joint ownership can also occur when two people inherit property from a relative. There are two types of joint ownership: joint … Read more
Equitable distribution is the process of dividing marital property between spouses at the time of divorce. In many states, equitable distribution is the default method of property division, unless the spouses agree to use another method, such as community property. Equitable distribution is generally based on the principle that each spouse should receive a fair … Read more
