Protecting your rights & safeguarding your children’s future
Understanding Property Division
Q: What does equitable distribution mean?
A: Equitable refers to fair, not even or equal. The court takes many factors into account when determining how to divide marital property in a just manner. These include the length of the marriage, each spouse’s assets and liabilities, tax consequences, the liquidity of the property, costs of sale of property and other relevant criteria.
Q: What is marital property?
A: Property you and your spouse obtain after your marriage is typically viewed as marital property.
Q: What is separate property?
A: Generally speaking, separate property is the property you bring with you into the marriage. This belongs exclusively to the spouse who owned it prior to the marriage. However it is possible to convert separate property to marital property during the marriage. Personal injury awards or settlements, inheritances and gifts given to an individual spouse after the marriage are also examples of separate property.
Our attorneys can help you identify marital and separate property, and determine the factors that will affect the distribution of your assets and allocation of debts. Contact us online or by phone at 855-522-5569.