Along with assessing whether property is marital or separate, courts also look at several additional issues during property division:
- Professional Licenses or Degrees
- A spouse’s license or degree itself is not treated as marital property.
- However, the court may exercise its equitable authority to award compensation for the actual financial contributions made toward a spouse’s professional education. In other words, the spouse who paid for the other’s educational costs might receive reimbursement for those expenses, but will not gain any share of the degree’s future value.
- Pension Benefits
- Pension plans and similar retirement accounts (e.g., 401(k), profit-sharing) that accumulate during the marriage are marital property, subject to equitable distribution.
- It is irrelevant whether the non-employee spouse contributed financially to the pension; if it accrued during the marriage, it is considered for division.
- Personal Injury Proceeds
- Any proceeds from a personal injury claim that arose between the date of marriage and final separation are included as marital property.
- Marital Debts
- Debts are categorized as either marital or separate. Debts incurred during the marriage are typically considered marital.
- When deciding how to handle marital debts, courts may look at:
- The purpose of the debt
- Who incurred it
- Who benefited from it
- Which spouse can more feasibly repay it
- Goodwill
- The reputation or client base of a professional practice or business may be included as marital property to the extent it can be assigned a monetary value.
- Future Interest
- Potential future interests in property are not subject to distribution.
- Tax Consequences
- Equitable distribution payments and property transfers during a divorce are not taxed at the time of transfer. However, if the recipient later sells the asset, standard tax obligations apply.
- Alimony or Spousal Support
- Property division generally focuses on past contributions and acquisitions, whereas alimony addresses future needs and financial standing.
About Divorce Lawyer R. Badet
Divorce Lawyer R. Badet has substantial experience assisting clients with every phase of the divorce process—whether straightforward or complex. His practice includes cases involving spousal support, child support, and child custody. Drawing on many years in both Family Law and Criminal Law, he strives to achieve the most favorable results possible.
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