Equitable Division:

An issue in any divorce is the question of how the parties should go about dividing their property. Any asset and/or debt that is acquired by either spouse during the marriage is considered “marital property.” All marital property is subject to division when the parties get divorced. Any asset and/or debt that is acquired by either spouse after the parties separate is not marital property, and belongs solely to the party who acquired the asset or debt. Equitable Distribution answers the questions of “who gets what” from the marital estate. While every case is different, here is a general outline of the types of issues that come up when considering how to divide the parties’ assets.

The marital home is often the primary asset owned by the parties. Other common types of assets include retirement accounts, investment accounts, bank accounts, automobiles, and anything else that is of value that was acquired during the marriage. It does not matter if the asset is titled only in one party’s name; it is considered marital property if it was acquired during the marriage.

The manner of dividing the assets in a divorce is based on a variety of considerations. The division of property can have serious tax consequences for the parties, and depending on the types of assets that exist, it may be beneficial to receive one type of asset from the marriage versus a different asset. Properly evaluating the assets of the marriage, and deciding how the assets should be divided, is a complicated process that requires careful attention to the nature of the assets and the facts of the case.

If you are considering filing for Divorce, or if your spouse has initiated divorce proceedings against you, then it is essential to have competent, knowledgeable counsel on your side. I encourage you to call my office to schedule an initial consultation where we can discuss the facts of your case.