Property Settlements During a Divorce

!: Property Settlements During a Divorce

In divorce proceedings, property owned by the spouses must be classified and divided between them. Among the factors determining who currently has title to specific assets and how they will be divided is the couple's state of residence, the location of the property, and where, when, and how the assets where acquired. State law varies in defining marital property. Generally, marital property includes all property that either spouse has acquired during the marriage, except for property acquired by inheritance or gift. Separate property is property that each spouse has acquired before the marriage, through inheritance or gift during the marriage, and after separation. Most states assume that assets acquired during the marriage are marital. It may be necessary for a spouse to trace the origins of funds used to acquire property in order to prove that the property is separate.

Property divisions are based upon the concept of equitable distribution. This concept states that each spouse has a legal right during marriage to the other spouse's earnings and to the assets acquired by those earnings. Accordingly, courts must perform three tasks:

(1) clarify all assets either as marital or separate
(2) value the assets and
(3) distribute the assets equitably.

Courts will consider the duration and quality of the marriage, marital fault, monetary and nonmonetary contributions to the marriage, each spouse's earning ability, separate property of each spouse, their ages and health, custody of children, and other factors. Because of the impossibility of physically dividing certain assets, such as the marital residence or a business, spouses will have to be assigned other assets in exchange or the property will have to be sold to facilitate an equitable distribution. Sometimes it is necessary to trace separate property if, for instance, it has been used to acquire other property, it has been commingled with marital property, or if its value has increased significantly.

For income tax purposes, a transfer of property from one spouse to the other "incident to the divorce" is tax-free. This means that no gain is recognized by the transferor spouse. This includes sales or exchanges of property between ex-spouses within one year of the end of the marriage and transfers pursuant to a divorce or separation agreement generally occurring within six years after the end of the marriage. Such transfers are treated the same as gifts for income tax purposes. The transferor's tax basis and holding period carry over to the taxable gain or loss on the difference between the tax basis obtained from the transferor and the selling price. Because of this, a spouse who is offered a particular asset in a divorce settlement should determine the estimated taxable gain upon its potential sale in order to arrive at an after-tax value for the asset. All significant assets to be divided should be valued in this manner in order to produce an equitable distribution of assets on an after-tax basis.

Property Settlements During a Divorce

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Evening Bags - Winning Tips For Nighttime Handbags

!: Evening Bags - Winning Tips For Nighttime Handbags

Are you searching for a purse that will go well with your evening wear? Evening bags are an excellent addition to your formal attire, and the appropriate bag will give you just enough space to carry around all your necessary items.

Here are some brands of bags that you'll want to add to your handbag collection, as well as some online resources that you can take advantage of to locate the right evening wear apparel for you.

Distinctive Stuart Weitzman Handbags

The Stuart Weitzman Solitaire clutch is a great addition to any formal attire. The bowtie clasp in the front of the bag make it both changeable and fashionable, and the bag is made out of black satin, which gives it an air of distinct class. There is also an attachable strap, so that you can carry the bag on your shoulder or in your hand.

Stuart Weitzman also has available evening bags in other colors, such as the Quiznet, which is accessible in both gold and silver. The Boa Wristlet is another extraordinary evening bag selection; these snakeskin bags are available in pink, blue, and cream shades, and the purse chain fits around the wrist making the purse fashionable to carry and comfortable to keep up with.

Vintage Style Franchi Handbags

You might also look into buying evening bags from Franchi. These stylish handbags have a vintage style to them, and are available with a clasp and you can get them in satin. You can choose colors that are in Pink, gold, and silver, and the purses are just big enough for you to carry credit cards, lipstick, as well as a small cell phone. The woven silk handbags from Franchi are also perfect for formal events, and are available in pink, gray, cream, red, and blue.

Eclectic Rafe Handbags

If you're looking for exceedingly unusual evening bags that will make you the life of the party, take a look at what Rafe New York has to offer. The suede gemstone frame purse is an attractive clutch that mixes the softness of suede and the sparkle of jewels for an original yet formal look. This bag can be purchased with both green and red stones, so they are an ideal fashion accessory if you are attending a formal holiday event.

Bear in mind that you can always pay a visit to your local thrift store or consignment store to find evening bags that are novel and likely won't be found in your local department stores. You might even be able to find vintage pieces that are worth a great deal that you can utilize as both a handbag and collector's item.

If you want to order your evening bags online, visit the online destination Zappos or Handbagcrew to find reasonably priced purses and accessories that you can use for any social occasion.

Evening Bags - Winning Tips For Nighttime Handbags

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