The term "wife's equity" refers to the equitable rights a wife has to receive a portion of her husband's estate, especially when he seeks to reduce her share in a court of equity. This concept ensures that a wife and her children are entitled to a fair settlement from the estate, even if the husband attempts to reclaim ownership of those assets. This right is also known as "wife's settlement."
Wife's equity is primarily used in family law and estate planning. It comes into play during divorce proceedings or when a husband files for bankruptcy. The wife's equity is binding not only on the husband but also on any assignee involved under bankruptcy laws. This means that even if the husband transfers his rights to another party, the wife's rights remain protected.
Here are a couple of examples of abatement:
(hypothetical example) A husband files for bankruptcy and seeks to claim his entire estate. However, the court recognizes the wife's equity, ensuring she receives a fair settlement that includes a portion of the estate, protecting her rights and those of their children.
| State | Wife's Equity Variations |
|---|---|
| California | Wife's equity is recognized and can be claimed in divorce proceedings. |
| New York | Similar protections exist, but the distribution may vary based on marital agreements. |
| Texas | Wife's equity is acknowledged, but community property laws may influence the outcome. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition |
|---|---|
| Wife's Equity | The right of a wife to claim a portion of her husband's estate. |
| Wife's Settlement | Another term for wife's equity, emphasizing the settlement aspect. |
| Equitable Distribution | A broader term referring to the fair division of marital property during divorce. |
If you believe that wife's equity applies to your situation, consider the following steps:
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Wife's equity is the right of a wife to receive a portion of her husband's estate, particularly in legal proceedings.