When a couple decides to end their marriage, one of the most contentious issues that they will face is the division of their assets. The division of assets, including property and finances, is often a complicated and emotional process. It is important to understand what is considered marital property and how it is divided during divorce proceedings.
Marital property is defined as any assets, property, or income acquired by either spouse during the marriage. This includes assets such as real estate, vehicles, bank accounts, retirement accounts, and investments. Marital property is typically divided equally between the spouses during a divorce, although there are exceptions to this rule.
Exceptions to the Rule
Some states follow the doctrine of equitable distribution, which means that marital property is divided in a way that is fair and equitable, rather than necessarily equal. Factors that are considered in equitable distribution may include the length of the marriage, the income and earning potential of each spouse, and the contributions made by each spouse to the acquisition of the marital property.
Separate Property
In addition to marital property, there is also separate property, which is a property that is not subject to division during a divorce. Separate property may include assets that were acquired by either spouse before the marriage, inheritances, and gifts. Additionally, any assets that were acquired by one spouse after a legal separation or divorce decree may also be considered separate property.
Commingling of Marital and Separate Property
Sometimes, marital and separate property can become commingled, which means that they are mixed together in a way that makes it difficult to distinguish between them. For example, if one spouse uses an inheritance to purchase a jointly-owned property, the inheritance may be considered separate property, but the property may be considered marital property. In these cases, it can be difficult to determine how the property should be divided, and the court may need to make a determination based on the specific circumstances of the case.
What is not Considered Marital Property?
There are some types of property that are not considered marital property and are not subject to division during a divorce. These include:
Pre-marital property: any property that was acquired by one spouse prior to the marriage, such as a home or vehicle, is considered separate property.
Gifts and inheritances: any gifts or inheritances that were received by one spouse during the marriage are considered separate property and are not subject to division.
Personal injury awards: any money received as a result of a personal injury lawsuit is considered separate property, even if it was received during the marriage.
Property acquired after separation: any property acquired by one spouse after a legal separation or divorce decree is considered separate property.
Property excluded by prenuptial or postnuptial agreement: any property that is specifically excluded from division by a prenuptial or postnuptial agreement is considered separate property.
Dividing Marital Property
The division of marital property can be a complex and emotional process. In most cases, the court will attempt to divide the property equally between the spouses. However, there are situations where one spouse may be awarded a larger share of the property. This may occur if one spouse has a significantly lower earning capacity than the other, or if one spouse made significant contributions to the acquisition of the property.
It is important to note that the division of property does not always have to be determined by the court. Couples can often reach an agreement on their own through mediation or negotiation. This can be a less expensive and less stressful way to divide property during a divorce.
Conclusion
In conclusion, marital property includes any assets, property, or income acquired by either spouse during the marriage. Marital property is typically divided equally between the spouses during a divorce, although there are exceptions to this rule.
0 Comments