After the court identifies and assigns values to the marital property, it will divide the property in a manner it deems fair; it is important to note that “equitable” does not mean an equal 50/50 split. Once the divorce is finalized, the court’s decision on property division cannot be changed.
Several key principles guide the court in making an equitable division of property, including:
Transmutation: This principle refers to the process where property changes from marital to separate property, or vice versa. The court will decide this based on the intentions of the parties involved. For example, if one spouse inherited property but both spouses treated it as marital property, the court may apply the principle of transmutation to reclassify the property.
Co-mingling: This occurs when separate property becomes marital property due to it being mixed in a way that it cannot be distinguished from marital assets. Courts will try to trace the property to determine if it can retain its original classification.
Factors for Equitable Division
When dividing marital property, the court will consider numerous factors, such as:
- Duration of the marriage
- Previous marriages of either spouse
- The age, health, employment skills, income potential, liabilities, and financial needs of both parties
- Contributions to education
- The need for future capital acquisitions and income
- The financial and medical needs, as well as retirement plans, of both spouses
- Contributions to the increase in the value of marital property
- The value of separate property
- Decrease in marital property value by one spouse
- The standard of living established during the marriage
- Custody arrangements for minor children
Divorce Lawyer R. Badet is an experienced legal professional dedicated to assisting clients through all stages of the divorce process. His expertise includes handling both simple and complex divorce cases, as well as matters related to spousal support, child support, and custody. With a thorough understanding of family law, he is committed to achieving the best outcomes for his clients. To learn more about your rights and legal options, visit his website or schedule a free consultation.