After the court identifies and values the marital property, it will proceed with an equitable distribution, though it’s important to note that “equitable” doesn’t always mean a 50/50 split. Once the divorce is finalized, the court’s decision on property division cannot be altered.
The court uses several principles when determining an equitable division, including: (1) transmutation and (2) co-mingling.
Transmutation:
Transmutation occurs when marital property becomes separate property, or vice versa, based on the intentions of the parties involved. For example, if one spouse inherited property, but the couple treated it as marital property, the court may apply transmutation to assess the property’s status.
Co-mingling:
Co-mingling refers to the process where separate property merges with marital property to the extent that they cannot be easily distinguished. The court will try to trace the property back to its origins to maintain its original classification.
Factors for Equitable Division:
When dividing marital property equitably, the court takes into account various factors, including:
- The length of the marriage.
- Previous marriages of either party.
- The health, age, vocational skills, earning capacity, financial needs, and liabilities of both parties.
- Contributions to education.
- The need for future acquisitions of capital assets and income.
- The income, medical needs, and retirement plans of each spouse.
- Contributions to the increase in marital property value.
- The value of separate property.
- The reduction in value of marital property by one spouse.
- The parties’ standard of living.
- The custody arrangements for minor children.
Divorce Lawyer R. Badet is an experienced attorney committed to guiding his clients through every stage of the divorce process, from simple to complex divorces, as well as spousal support, child support, and custody issues. His deep legal knowledge ensures the best possible outcome for your case. Visit his website to explore your legal rights and options: www.lawyersfordivorces.net, or call for a free consultation. He is highly respected in the legal community with years of experience in both Family and Criminal Law matters.