After the court identifies and values the marital property, it will proceed to make an equitable division. It’s important to note that “equitable” does not necessarily mean a 50/50 split. Once the divorce is finalized, the court’s property division is final and cannot be altered.
The court uses various principles when making an equitable division, including: (1) transmutation and (2) co-mingling.
Transmutation:
Transmutation refers to the process in which marital property is transformed into separate property, or vice versa. The court determines this based on the intent of the parties. For example, if one party inherits a piece of property, but the couple jointly uses it as though it is marital property, the court may apply the principle of transmutation to determine its classification.
Co-mingling:
Co-mingling occurs when separate property is mixed with marital property to such an extent that they cannot be distinguished. In these cases, the court will try to trace the property back to its original status.
Factors for Equitable Division:
The court will consider several factors when dividing marital property equitably, such as:
- The duration of the marriage
- Prior marriages
- The age, health, vocational skills, earning capacity, liabilities, and financial needs of both parties
- Contributions to education
- The need for future acquisitions of capital assets and income
- The income, medical needs, and retirement plans of both spouses
- Contributions to the increase in marital property
- The value of separate property
- Any reduction in the value of marital property by one spouse
- The parties’ standard of living
- Custody arrangements for minor children
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