I’m thinking about getting divorced…what is a “Community Property” state?
Great question! When getting a divorce, you need to know how your state’s laws will apply to your situation. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington State, and Wisconsin are states that follow the legal rules of “Community Property” for marriage relationships. In these states, any property that is acquired or accumulated during marriage is presumed to be owned 50/50 by the spouses (known as “the Community”), regardless of who earned it. The rules of Community Property matter because they have implications for dividing up your assets and debts during the divorce. You want to be familiar with how the rules work because assets that you think are untouchable (like the money related to your accumulated vacation and sick time at work) might have to be split with your spouse! Most Community Property states follow an “equitable approach” which means that not everything has to actually be divided…