After the court determines and values the marital property, it will make an equitable division. It is important to note that “equitable” does not always mean an equal 50/50 split. Once the divorce is finalized, the division of property cannot be altered.
The court uses various principles to guide the equitable division of property, including: (1) transmutation and (2) co-mingling.
Transmutation: This principle refers to the conversion of marital property into separate property, or vice versa. The court will assess the parties’ intent to determine whether property should be classified as marital or separate. For example, if one party inherits property and both parties treat it as shared property, the court may apply transmutation to reclassify it.
Co-mingling: Co-mingling occurs when separate property becomes marital property because it is “inextricably mingled” with marital property. In such cases, the court will attempt to trace the property to determine whether it should retain its original status.
Factors for Equitable Division:
When dividing marital property, the court will take into account several factors, including:
- The length of the marriage.
- Previous marriages.
- The age, health, vocational skills, earning capacity, liabilities, and financial needs of both spouses.
- Contributions to education.
- The need for future acquisitions of capital assets and income.
- Income, medical needs, and retirement plans of both spouses.
- Contributions to the increase in marital property.
- The value of separate property.
- The reduction in the value of marital property by one spouse.
- The parties’ standard of living.
- Custody of minor children.
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