Page 143 - CFF

Division of property

• Court must adhere to laws and rules established by the state regarding

marital property.

• Marital (or community) property is usually divided between parties and

nonmarital property is not.

– Nine states are community property states. In these, all assets acquired during marriage are
considered marital assets.

– In the other states, assets acquired during marriage are not necessarily divided equally.

• Property acquired prior to marriage or commingled during marriage may

become marital property.

• Allocating more in assets to one party than the other is not uncommon.
The imbalance is sometimes corrected using an equalization note.

6 6 © 2019 Association of International Certified Professional Accountants. All rights reserved.