When parties of a divorce cannot come to an agreement on their marital property, equitable division may occur. Equitable division is a process where the courts specifically make the decision of the division of marital property.
What does Marital Property include?
Marital Property includes a wide range of items. Any form of asset and debt acquired during the length of the marriage is considered marital property. While this does include tangible items such as property, it does not include any item considered a “gift” from outside the marriage. (Do you have questions about what is considered marital property? Click here to contact us today for legal help.)
What is needed for Equitable Division??
Each spouse will need to provide the court and their attorneys with a list of all their assets. The list needs to include the date of when these items were acquired as well as how. The approximate value of the item will be needed as well.
A list of debts acquired is also needed, as well as copies of tax returns, insurance policies, and estimated monthly living expenses. The court will take monthly living expenses into consideration before the division occurs.
How is the Ownership of Property Titles determined?
If one spouse is the legal title holder of marital property the court may still divide the property based on the facts of the case. Sole title does not always mean that the property will be awarded to the title holder.
What is Considered for Equitable Division?
The court considers many factors including but not limited to: age, health, education, length of the marriage and fault, as well as specific conditions and financial contributions.
Do you need help with your divorce? Harden Law can help you with your case. Let us put your best interests in front of the court and help you achieve the best divorce possible. Contact us today for a Consultation.