Thursday, November 5, 2009

Is Indiana a common law state or a community property state?

No, Indiana is not a community property state.  Assets acquired during the marriage are considered to be part of the marital pot but they are not owned in the same sense as if they would in a community property state.

For an example of community property issues, I found Florida Divorce Blog's Community Property Baseball Team: Husband Gets Half the Players (Chosen Blindly or Randomly, Of Course) and Wife Gets the Other Half? interesting:

Wife has served as chief executive of a professional baseball team acquired during the long-term marriage.

Since the split, Husband has allegedly purported to fire Wife … and assert sole ownership of the team.

Wife, a non-practicing attorney, is reportedly not taking the termination lying down. Quite the contrary, she is rumored to be exploring a takeover.

Their state of residence, California, is a community property state though.

In general, that means that all property acquired by either during the marriage is split 50/50.

Absent a prenuptial agreement (prenup) or postnuptial agreement (postnup), however, that would suggest that both spouses, not just Husband, own the team.

For more on property issues, follow the link below next to the label "property issues"

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