Marital property is defined as all property acquired during the marriage, even property acquired post-separation in exchange for marital assets. However, property acquired while the two parties are living together before marriage does not count towards marital property.
Other factors that do not fall under marital property are:
1. Property acquired prior to marriage, or property acquired in exchange for property acquired prior to the marriage.
2. Property excluded by valid agreement of the parties entered into before, during, or after the marriage.
3. Property acquired by gift, except between spouses, bequest, devise, or decent or property acquired in exchange for such property.
4. Property acquired after final separation until the date of divorce, except for property acquired in exchange for marital assets.
5. Property which a party has sold, granted, conveyed or otherwise disposed of in good faith and for value prior to the date of final separation.
6. Veterans’ benefits exempt from attachment, levy or seizure except for benefits where the veteran waived a portion of his military retirement pay in order to receive veterans’ compensation.
7. Property to the extent to which the property has been mortgaged or otherwise encumbered in good faith for value prior to the date of final separation.
8. Any payment received as a result of an award or settlement for any cause of action or claim which accrued prior to the marriage or after the date of final separation regardless of when the payment was received.
Nothing is clear-cut, and each situation is different. The court must look at all factors of the marriage before dividing the marital property. These factors are listed below.
1. The length of the marriage.
2. Any prior marriages of either party.
3. The age, health, station, amount and sources of income, vocational skills, employability, estate, liabilities and needs of each of the parties.
4. The contribution by one party to the education, training or increased earning power of the other party.
5. The opportunity of each party for future acquisitions of capital assets and income.
6. The sources of income of both parties, including, but not limited to, medical, retirement, insurance or other benefits.
7. The contribution or dissipation of each party in the acquisition, preservation, depreciation or appreciation of the marital property, including the contribution of a party as a homemaker.
8. The value of the property set apart to each party.
9. The standard of living of the parties established during the marriage.
10. The economic circumstances of each party at the time the division of property is to become effective.
a. The Federal, State and local tax ramifications associated with each asset to be divided, distributed or assigned, which ramifications need not be immediate and certain.
b. The expense of sale, transfer or liquidation associated with a particular asset, which expense need not be immediate and certain.
11. Whether the party will be serving as the custodian of any dependent minor children.
Contact us today for more information and/or to schedule a free consultation.