Marital Assets
It’s important to understand that fault in the divorce does not automatically entitle one spouse to a greater share of marital property. When necessary, the court may require assets to be professionally appraised to determine their current value before division.
What is Considered Separate Property?
Separate property generally remains with the original owner and may include:
-property acquired before the marriage
-Gifts or inheritances received by one spouse
-Property exchanged for separate property
-Income or appreciation from separate property, as long as the other spouse did not contribute to its growth or maintenance
What is Considered Marital Property?
Marital property typically includes:
-Property acquired by either spouse during the marriage
-Any increase in value of property when both spouses contributed to its preservation or appreciation
-Retirement benefits earned during the marriage
Factors the Court Considers
When dividing marital property, the court evaluates several factors to determine what is fair, including:
- The length of the marriage
- The value of each spouse’s separate property
- Debts and which party is responsible for them
- Tax consequences and future expenses related to the assets
- Each spouse’s age, health, employment, financial needs, and liabilities
- The financial position of each party at the time of distribution
Understanding how assets may be divided is an important step in protecting your financial future. We are here to guide you through the process and advocate for a fair outcome based on your unique situation.
Choosing a skilled and experienced attorney to guide you through your divorce—especially the division of marital assets – is an important decision. At Wilson Law Associates, we are here to provide the knowledgeable representation and support you need during this time.
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