In dividing a marital estate upon divorce, property will be characterized as either marital or separate. Property acquired by a spouse during the marriage is presumed to be marital property subject to division by the court. This presumption can be rebutted however, by a showing that the property was given to or inherited by a spouse during the marriage. This is true because separate property is defined as property owned by a spouse prior to marriage, given to a spouse during the marriage, or that which was inherited by a spouse. By law, the court cannot divest a party of his or her separate property.
While this explanation seems simple enough, the reality is characterizing assets and liabilities and tracing the funds throughout a marriage can often be a complex task. This is especially true when separate property is maintained with marital funds or parties co-mingle assets, resulting in tracing issues and/or reimbursement claims. If you are involved in a complex property division suit, you will benefit from obtaining an experienced divorce lawyer who can help you characterize your assets, trace your funds, and make your case.
Whether your situation is composed of a high net worth estate involving the valuation of complex assets and business interests or a more modest estate, Our Law Firm is equipped with the knowledge, skill and experience needed to secure results for our clients.
At our Law Firm we begin each suit by acquiring a comprehensive picture of the client’s financial situation and his or her goals, interests and concerns. Whatever the case may be, our lawyer is committed to working with each client to ensure his or her needs and goals are met. He is prepared and ready to negotiate an accurate and fair settlement for each of his clients.
In cases in which settlement proves inappropriate or unworkable, our lawyer will fiercely advocate for his clients at trial. He approaches each case with the understanding that every family is different as is their financial situation. With that in mind, Our Law Firm identifies our clients’ goals early on and stands by their side throughout the divorce process to ensure the best solutions to their property division issues are achieved.
In making an equitable apportionment of marital property and debts, the Family Court must consider the following factors:
The Court’s Order as it affects distribution of marital property shall be a final order not subject to modification except by appeal or remand following proper appeal.
Marital debts must also be divided between the spouses. The Court is not bound to divide the debts in same percentage as it divides the assets. In order to be considered a marital debt and divided accordingly, the Court must consider whether or not the debt was incurred for a marital purpose.