Marital Property Divorce

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Property distribution is a vital aspect of divorce. A divorce is regarded as a separation of two individuals who were bound in a union at the time of marriage. It is a disintegration of that union, and thus, the division is followed in every aspect including financial and social status. Therefore, it is an integral part of the dissolution of marriage. The property involved in the procedure, is of two types. First is of marital category that is distributed during divorce, and the other is private or personal earnings.

Marital assets are defined as that property that is obtained by the couple together or either partner individually 'during the marriage.' The term 'during the marriage' means the following.

  • From the date of marriage
  • Till the date the partners start to live apart, or
  • Till the date the partners finalize to love apart, although they cannot physically separate

What is 'Marital Property Divorce'?

This term indicates that all the holdings that to be included in the marital property division. But, there are some exceptions for this provision. These exceptions are:

  • Assets that has been attained prior to the date of marriage
  • If one spouse awards a judgment to the other spouse as per which the other spouse gets some share.
  • If both partners draft a valid agreement, as per which some belongings are excluded from the division
  • If one spouse gets share after a judgment of legal separation
  • If some assets are obtained in exchange of moeny attained by descent, legacy or gift
  • If some holdings are obtained in exchange of earnings that were attained prior to the marriage
  • Assets that have been obtained by descent, legacy or as a gift

Factors that affect Marital Property Divorce

A majority of states in the US take into account some of the following issues while determining marital assets division. The distribution laws will be different according to the states. Some states may opt for an equal division, some of the states may follow division in a fair manner, which is not necessarily an equal division.

  • How the respective financial conditions of both spouses are impacted by the tax consequences of a specific distribution?
  • What is the probability that each spouse has a reasonable chance for future attainment of income and capital assets?
  • The custodial requirements of the children
  • The following issues of both partners
    • Requirements
    • Liabilities
    • Estate
    • Marketable skills
    • Vocational skills
    • Sources and amount of income
    • Occupation
    • Health
    • Age
  • Whether the partners have any post nuptial agreement?
  • Did any of the partners have any prior marriage? At present, are there any rights and obligations related to this prior marriage?
  • When the division would become effective, what would be the financial circumstances of each spouse?
  • Did any of the partners have any prior marriage? At present, are there any rights and obligations related to the prior marriage?
  • When the court order regarding this matter becomes effective, what would be the financial circumstances of each spouse?
  • Does one parent have a desire to award the family residence or the right to live in it for a reasonable span to the other parent?
  • The duration of the marriage
  • If the court goes ahead with a particular type of division, what is the value of the assets allocated to each partner?
  • Has any spouse dissipated any non marital or marital earnings?
  • The inputs of each partner towards the attainment, preservation, increment or decrement of non marital or marital assets, inclusive of the inputs as a homemaker

Marital Property generally distributed in a divorce

As mentioned earlier, the savings acquired by the earnings of each partner will be considered liable for division. They can be in the real or monitory form. The common holdings that are distributed by a court in a divorce is as follows:

  • Savings accounts, cash, bonds, stocks
  • Automobiles as well as other vehicles
  • Real estate
  • Fixtures and furniture in all the residences
  • Cash value of life insurance policies
  • 401K's, pension plans, individual retirement accounts, other funds kept aside for retirement
  • Business that has one or both spouses as owners

So, this is how marital property in divorce is governed. It is necessary to remember that every state has its specific laws regarding distribution. So, the parameters of calculation would change from a state to state. The statues of divorce laws explain the details about the state specifications. It is therefore advised to study the law before approaching the court for a distribution.

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