Marital Property

During a divorce, there are many issues that must be resolved. These include who gets child custody, the amount of child support, and the division of assets and marital property. Marital property includes everything that is bought or acquired by you and your spouse during the course of your marriage.

Most states have equitable distribution laws. This means that the court determines what distribution of the marital property is fair and reasonable for the couple, and may be more or less than 50% of the assets for either spouse. Other states, such as Arizona, California, Idaho, Louisiana, New Mexico, Nevada, Texas, and Washington, have community property laws. In these states, the property and assets are divided up 50/50.

In states that have equitable distribution laws, the court will typically look at factors such as: the length of the marriage, the income and/or property brought into the marriage by each spouse, the age and emotional and physical health of each spouse, the couple’s standard of living, and the earning capacity of each spouse. The court will also look at the contribution each spouse made to the other’s education or earning power, as well as the contribution of each spouse to acquiring, persevering, or appreciating the value of their marriage property and assets. The debts and liabilities of each party as well as which spouse has child custody will also be considered.

After the court looks at these factors, the judge may award anywhere from zero to 100 percent of the marital property to either spouse; however the award typically ranges from 40 to 60 percent.

Commonly distributed assets include real estate, stocks, bonds, and cash, vehicles, retirement accounts and pension plans, and furniture. If one or both spouses own a business, this may also be distributed.

The court may also order equitable distribution of marital debt. This includes your home mortgage, debts owed to banks or lending institutions, and unpaid bills as well as school, car, and home improvement loans.

There is certain property that is kept separate from marital property. For example, if you acquired the property before marriage, it may not be distributed. Inheritance and gifts from a third party are not considered marital property.

If you have questions regarding marital property distribution in your state, it is important to contact an experienced divorce lawyer in your area.