After the court identifies and values the marital property, it will divide the assets in an equitable manner. However, it’s important to note that “equitable” does not necessarily mean an equal 50/50 split. Once the divorce is finalized, the property division is final and cannot be changed.
The court uses several key principles to ensure an equitable division, including: (1) transmutation, and (2) co-mingling.
Transmutation: This refers to the process by which marital property is converted into separate property, or vice versa. The court determines this based on the intent of the parties involved. For example, if one spouse inherits property but both spouses treat it as marital property, the court may apply transmutation to redefine the property’s classification.
Co-mingling: Co-mingling occurs when separate property becomes part of the marital property, usually because it is mixed with marital assets. The court will try to trace the property’s origin to maintain its original classification.
Factors for Equitable Division:
When dividing marital property, the court considers various 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
- The income, medical needs, and retirement plans of both parties
- Contributions to the increase in marital property
- The value of separate property
- Any reduction in the value of marital property by one spouse
- The standard of living established during the marriage
- Custody arrangements for minor children
Divorce Lawyer R. Badet is an experienced divorce attorney who is committed to guiding his clients through every phase of the divorce process. His practice covers both simple and complex divorces, including spousal support, child support, and custody issues. With his knowledge and experience, he can help achieve the best possible outcome for your case. For more information on your legal rights and options, visit www.lawyersfordivorces.net, or contact him for a free consultation. R. Badet is a respected lawyer with years of experience, specializing in both family law and criminal law matters.