How is property divided in a will after death?

In that case, the property may have to be further divided among that class either by the executor, who is the person appointed in the will to divide and distribute property and assets, or by the courts.

How are assets divided in a divorce settlement?

Equitable distribution: In all other states, assets and earnings accumulated during marriages are divided equitably (fairly) but not necessarily equally. Some of these states may order one party to use separate property to make the settlement fair to both spouses.

When do siblings lay claim to the same assets and cannot agree?

When siblings lay claim to the same assets and cannot agree, one option is to sell the assets and split the proceeds. Siblings can decline an appointment as executor or trustee so that someone else can be the fiduciary and make decisions on asset distributions. If siblings are named as fiduciaries, they need to formally decline the appointment.

When to ask a judge to divide property?

When that’s just not possible because of a dispute or a complex issue regarding the ownership or value of property, both spouses may have to hire attorneys to negotiate on their behalf or even go to court and ask a judge to divide the marital estate (property owned jointly by the couple).

How are assets divided in a community property divorce?

For example, in a community property state, you and your spouse will split divorce assets in half. This could mean that you and your spouse are both entitled to 50% of the equity in the marital home. In an equitable distribution state, a judge will divide your property fairly—this doesn’t necessarily mean evenly or equally.

How are assets distributed after a person dies?

Distributing a person’s assets after they pass away depends on the instructions left behind in a will or trust. In situations where instructions weren’t left, the state laws govern the distribution of property regardless of the desires a person may have expressed before passing away.