Is Boise In A Community Property State?
Is Boise In A Community Property State?
The complexities and intricacies of the divorce process can be difficult to navigate, especially when it comes to community property law.
As Idaho is a community property state, any property or debts owned by each spouse will be divided into separate property and community property.
You and your spouse may agree on how assets will be divided in the divorce, and an amicable agreement can be drawn up. However, you may also find yourself in a situation where you are unable to come to a mutual decision or fundamentally disagree with your spouse about who owns which assets.
An Idaho division of assets attorney will help to ensure that you are satisfied with the outcome of property division and that you receive what is fair at the end of your marriage.
Contact an Boise Division of Assets Lawyer today!
Idaho community property law applies to anyone domiciled in Idaho or anyone who owns real estate, or real property, situated in Idaho. This community property law will impact how you and your spouse file your state income and tax returns, as well as who receives what at the end of a marriage.
Community property states each have their own specificities, but in Idaho, courts will split the marital property into separate and community property. They will then aim to split assets equally unless there are individual circumstances that call for equitable distribution.
It is important you seek the help of a specialist who can help guide you through Idaho community property state laws at each stage of the process.
Domicile refers to the family home or the place which you would consider to be your permanent home. It is possible for both you and your spouse to be domiciled in different states, but it is important to remember that the state laws in which the spouse is domiciled will govern how property is viewed or divided in the divorce.
Separate property is considered to be any property owned prior to the marriage itself.
However, it can also be:
- Personal injury compensation.
- Assets previously agreed upon in a prenuptial agreement.
- Assets purchased using separate property funds.
- Property acquired in a separate property state.
It is important to note that separate property must be kept entirely apart from any other assets in the marriage. If spouses mix separate income and expenses with community property in any way, the judge may deem the property acquired as community property. Even if you and your spouse have created a prenuptial agreement or have any other written agreements, separate property may be considered community property if either spouse uses the separate property for community or joint purposes.
As the name suggests, community property is property within the 'community' of the marriage which means it is owned jointly.
In most cases, community property refers to any assets acquired during the marriage or acquired within the duration of the marriage itself. This can include income earned, real estate, joint bank accounts, and communal debts.
As a community property state, laws in Idaho stipulate that community property should be divided equally in divorce. However, a judge has the right to enforce equitable distribution if they are presented with compelling evidence which outlines why one spouse deserves a higher percentage of the community property than the other.
Idaho property division laws mean that income from separate property will be considered community property if you, or you and your spouse, are domiciled in Idaho. Of course, this will not be the case if you have a prearranged agreement to keep this income as separate property.
Whilst the community property laws in Idaho determine community property to be divided; equally, you may feel that you are entitled to a higher proportion of the assets.
Some of the justifications for the equitable distribution of property include:
- One spouse is the primary caregiver of a minor and may need to make additional health and educational contributions as a result of this.
- The ending of the marriage is the responsibility of one party, or an 'at-fault divorce' is filed.
- One spouse owns high-value assets as part of their separate property.
- One spouse has specific educational or health requirements.
- Community property includes debts that were acquired by one spouse's alcohol or drug abuse.
- One spouse has a significantly lower earning capacity than the other.
When a divorcing couple disagrees on how community property should be divided, it is important that you seek representation from an Idaho division of assets lawyer. They will be able to ensure you have everything you need to present a compelling case to the judge as to why assets should not be divided in an equal manner.
Not all property is easy to separate. Assets such as investments or retirement funds may not be worth the same now as in the future.
If you find yourself in a more financially complicated divorce, Idaho Divorce Law Firm has access to financial experts who will work tirelessly to ensure accurate valuations of complex assets such as off-shore property, stocks, bonds, self-owned businesses, and pensions.
Under Idaho community property laws, debts are considered the same as assets and will be treated as such in divorce proceedings. Any debt acquired during the marriage will be considered community property and must be shared. However, if there are special circumstances and there is substantial evidence, you can make a claim to ensure one spouse is solely responsible for the repayment of the debts.
If you believe your spouse is guilty of economic misconduct or they are hiding their personal property and assets, inform your attorney immediately. It is important that this is proven so the evidence can be shown to the judge.
You may find yourself in a situation where your divorce has already been finalized before you discover your ex-spouse has been hiding assets from you. If this is the case, you may want to consider filing for a divorce modification, as you could be entitled to a proportion of the hidden assets. An Idaho Divorce Law Firm attorney will be invaluable here, as they can assist you in creating a compelling case to present to the Judge.