After identifying and valuing marital property, the court divides it equitably. Note that equitable division does not always mean an equal split. Once finalized, the property division is not subject to modification.
Principles Applied in Property Division:
- Transmutation
This occurs when marital property is converted into separate property, or vice versa, based on the parties’ intent. For example, if inherited property is shared and used as marital property, the court may classify it as such through transmutation. - Co-Mingling
Separate property may be classified as marital if it is mixed with marital property to the extent that it cannot be traced back to its original form. Courts strive to trace the origins of the property to determine its character.
Factors Considered for Equitable Division:
- Length of the marriage
- Previous marriages of either party
- Age, health, skills, earning capacity, liabilities, and financial needs of each spouse
- Contributions to the education or earning potential of a spouse
- Future financial needs, including capital assets and income
- Income, medical needs, and retirement plans of both spouses
- Contributions to the increase in marital property value
- Value of separate property
- Reduction in marital property value caused by one spouse
- Standard of living during the marriage
- Custody arrangements for minor children
For guidance and representation in divorce matters, Divorce Lawyer R. Badet offers extensive experience. Call (267) 277-2641 or visit www.lawyersfordivorces.net for a free consultation.