In a marital property and non-marital property division, the division of marital assets is based on what the couple owns or does not own at the time of separation. The property is usually classified into two categories; marital property and non-marital property. Marital property refers to both the assets owned by the spouses before marriage and the accumulated income or marital property gained after the breakdown of the marriage. Non-marital property includes the money contributed during the marriage by both the parties and any gifts that were made by one spouse to another. If the distribution is based on the marital property, the court may also award a percentage of each spouse’s share to each party, depending on the court’s jurisdiction.
There are several factors to be considered when dividing marital property or non-marital property. First and foremost are the amount of contribution or wealth made by each spouse to the marriage. The courts have the right to add or subtract to the amount of contribution, taking into consideration factors such as children, lifestyle, responsibility for children, etc. Also, each marital property and non-marital property should be valued to determine an appropriate division. Finally, if one spouse has an adequate retirement account, the court can divide the marital and non-marital property equally.
Once the assets are evaluated under the marital property and non-marital property division, it is time for a meeting with an attorney experienced in marital property and non-marital property division. During the meeting, each party will be asked questions regarding each asset, including information regarding control, expectancy, and value. A meeting with an attorney will help each party to come up with an acceptable solution to divide the assets. If the solution is not acceptable, an attorney can assist the parties in filing a lawsuit. There are many factors that the court considers in order to arrive at an equitable solution.
One factor that the court considers is marital property and debts acquired during the marriage. This factor will consider each spouse’s contributions and the respective owner of the assets. Another factor is the existence of a child or children from a previous marriage. The court may also consider assets that were contributed to or accumulated by each spouse during the course of the marriage and each spouse’s ability to pay or aid in the payment of the debts.
To arrive at an equitable distribution system, both spouses must agree on an amount. When the spouses cannot agree on an amount, they must enter into marital property and non-marital property division agreements. The marital property and non-marital property agreement must cover all marital property and debts acquired during the marriage. This agreement will serve as the basis for any future discussions between the two parties.
Once marital assets and debts have been divided equitably, both spouses must submit to a judge an inventory of their property and debts. The judge will order separate appraisals of the marital assets and debts. The judge may order a probate investigation to determine the possibility of any future challenges to the division of the equities. If a challenge is found, an equitable division will then be determined. This will determine who will pay off what and how.
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