After the court identifies and values the marital property, it will divide the assets in an equitable manner. It’s important to note that “equitable” does not necessarily mean an equal 50/50 split. Once the divorce is finalized, the court’s property division cannot be altered.
Several principles guide the court’s equitable division, such as:
- Transmutation: This refers to the process by which marital property becomes separate property, or vice versa. The court will determine this based on the intentions of the parties involved. For example, if one party inherited property but both spouses treated it as marital property, the court may apply the principle of transmutation to assess the property’s status.
- Co-mingling: This occurs when separate property becomes marital property because it is “inseparably mixed” with marital property. The court will attempt to trace the origins of the property to maintain its original character.
Factors Considered for Equitable Division:
When deciding how to fairly divide marital property, the court will consider various factors, including:
- The length of the marriage
- Any prior marriages
- The age, health, vocational skills, earning capacity, liabilities, and financial needs of both spouses
- Contributions to education
- The necessity for future acquisition of assets and income
- The income, medical needs, and retirement plans of both parties
- Contributions to the growth of marital property
- The value of separate property
- Any reduction in the value of marital property by one spouse
- The couple’s standard of living
- Custody arrangements for minor children
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