After identifying and valuing marital property, the court will divide it equitably; it’s important to note that “equitable” doesn’t always mean an equal 50/50 split. Once the divorce is finalized, the division is final and cannot be changed.
The court will use several guiding principles when dividing property equitably, including: (1) transmutation, and (2) co-mingling.
Transmutation: This refers to the process where marital property is transformed into separate property, or vice versa. The court will determine this based on the intent of the parties involved. For example, if one spouse inherited property but the couple treated it as marital property, the court might apply the principle of transmutation to decide its status.
Co-mingling: Co-mingling happens when separate property is mixed with marital property to such an extent that it becomes indistinguishable. The court will attempt to trace the origins of the property in order to preserve its original nature.
Factors for Equitable Division:
When dividing marital property equitably, the court will consider various factors, such as:
- Length of the marriage
- Previous marriages of either party
- Age, health, vocational skills, earning capacity, liabilities, and financial needs of both spouses
- Contributions made toward education
- Need for future acquisition of capital assets and income
- Income, medical needs, and retirement plans of both parties
- Contributions to the increase in value of marital property
- Value of separate property
- Reduction in value of marital property by one spouse
- The parties’ standard of living
- Custody arrangements for minor children
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