After determining and appraising the marital assets, the court proceeds with an equitable division of property. It is important to understand that “equitable” does not automatically mean a 50/50 split, and once the divorce is finalized, the division is not subject to further change.
The court relies on several guiding principles during this process, including:
- Transmutation:
This principle allows for the reclassification of property from one category to another. In other words, what might have started as separate property can become marital property, or vice versa, based on the intent of the parties involved. For example, if one spouse inherits a property and later both parties treat it as jointly owned, the court may decide to consider that asset as marital property. - Co-mingling:
This occurs when separate property becomes so intertwined with marital assets that it loses its distinct identity. In such cases, if the assets are “inextricably mingled,” the court may rule that they are now marital property. However, efforts are typically made to trace the original character of the property wherever possible.
Factors Considered in Equitable Division
In arriving at a fair division of marital assets, the court evaluates a variety of factors, including:
- The length of the marriage.
- Any prior marriages.
- The age, health, vocational skills, earning capacity, liabilities, and financial needs of each spouse.
- Contributions to each other’s education.
- The anticipated need for future capital assets and income.
- The current income, medical needs, and retirement plans of both parties.
- Each party’s contribution to the growth of the marital property.
- The value of each spouse’s separate property.
- Any reduction in the value of marital property caused by one spouse.
- The standard of living established during the marriage.
- Custody arrangements for any minor children.
These considerations ensure that the division reflects the unique circumstances of the marriage and both parties’ contributions over time.
About Divorce Lawyer R. Badet
Divorce Lawyer R. Badet is a seasoned attorney committed to guiding clients through every stage of the divorce process. His expertise spans both simple and complex divorces, including issues related to spousal support, child support, and child custody. With extensive experience in both Family Law and Criminal Law matters, he is dedicated to securing the best possible outcomes for his clients. For more information about your legal rights and available options, please visit www.lawyersfordivorces.net or call for a free consultation.
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