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You may have heard that divorces are much easier when done according to community property law, which essentially divides everything in half. Community property simplifies the most complicated portion of the divorce, the property division. Read on to find out whether you are eligible to file this type of divorce, and how the process works.

Are You in a Community Property State?

Only people who live in select states are allowed to file for divorce under community property laws. The states with community property laws are:

• Wisconsin

• Washington

• Texas

• New Mexico

• Nevada

• Louisiana

• Idaho

• California

• Arizona

To file for divorce in the above states, at least one of the parties named in the divorce filing must be a legal resident of the state. Some states have a time requirement attached, for example your state may require you to be a resident of the state for one year prior to filing divorce there.

Is Everything Included In Community Property?

As mentioned above, community property law dictates that nearly everything is divided in half. However, there are exceptions. Included in community property are:

• Physical assets acquired during the marriage

• Financial holdings acquired during the marriage

• Debts acquired during the marriage

Some things can be included in community property at a judge's discretion. Those include:

• Pensions

• 401k Plans

• Individual Retirement Accounts

The notable community property exclusions are typically:

• Financial holdings acquired prior to marriage

• Inherited money

• Inherited property

In most cases, any money or property that an individual owned prior to the marriage is considered to be exempt property. To enforce this law, a clearly documented timeline of money and property acquisition is necessary.

An inheritance is legally considered to be separate property, which means that the spouse cannot share in the inheritance proceeds. However, inherited money can potentially lose that immunity in some cases. This can occur if one person inherits money and deposits that money into a joint bank account while still married. The simple act of depositing that money into a joint account causes co-mingling of marital funds, and this could mean that the spouse becomes legally entitled to half of the inheritance.

The law for co-mingling of inherited funds while married varies by state, so it is important to work with a divorce attorney if such a situation exists in your divorce. In fact, a divorce lawyer, like those at the Law office of Kristine A. Michael, P.C., is your best bet for making sure that you get everything you are due in a community property divorce, whether the case is simple or complex!