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Simple English definitions for legal terms
property division
Read a random definition: ownership-in-place theory
A quick definition of property division:
Property division is the process of dividing up the things that a married couple owns when they get divorced. This includes things like their house, cars, and money. Sometimes they make an agreement about how to divide everything, and sometimes a judge decides for them. The goal is to make sure that each person gets a fair share of what they owned together.
A more thorough explanation:
Definition: Property division, also known as property settlement, refers to the process of dividing the assets and debts between two parties in a divorce case.
Examples:
- John and Jane are getting a divorce. As part of the divorce proceedings, the court will determine how to divide their shared property, such as their house, cars, and bank accounts.
- Tom and Sarah have decided to create a property settlement agreement outside of court. They have agreed to split their assets and debts equally, and have included this agreement in their divorce decree.
These examples illustrate how property division works in a divorce case. When two parties decide to end their marriage, they must determine how to divide their shared property. This can be done through a court judgment or a private agreement, and includes both assets and debts.