Property division in divorce refers to the separation and assignment of the parties’ assets, including bank and retirement accounts, savings, and most physical possessions. Due to its breadth, property division can be a very complex and overwhelming aspect for many couples considering divorce. A common practice for divorce property settlement is to hire an experienced attorney who can help by offering guidance from both the law and their own personal experience.
Determining where the asset originated is frequently a decisive issue in deciding how the assets will be divided. Marital assets are commonly divided while non-marital assets more frequently remain with their original owner. Additionally, a Court may consider the length of the marriage, each party’s contributions to the marriage, the dissipation of marital assets (the use of marital assets for non-marital purposes), and the needs of any children.
The importance of an equitable property distribution cannot be overstated. In many instances, each party will need the divided assets to pay for a new home and to replace the shared items kept by their former spouse. Accordingly, the final property distribution in the parties’ marital settlement agreement deserves the close attention of well-trained attorneys.