Dividing Property Equitably

Determining how you will divide your property and assets is often stressful. Everyone has their own idea of “fair” and former spouses typically disagree. You need the help of an experienced lawyer.

We are an “equitable distribution” state – meaning that, while your assets are split, they are not necessarily 50/50. It all goes based on what the judge thinks is fair.

Marital property is anything that you bought or received during your marriage. Anything that you acquired before your marriage or after your legal separation, on the other hand, is yours and yours alone. This can include gifts, inheritance and property.

If you and your spouse cannot decide who gets the house, you will have to go to court. There, a judge will make the decision. Sometimes, they determine the value of your home and give each spouse a percentage. Other times, they will look at several factors, including each spouse’s specific circumstances and the assets they have.

Any income that is earned by either party during your marriage is considered marital property. This means that any deposits into bank accounts or retirement accounts are subject to division. Premarital portions of your benefits or pension accounts may be exempt. This is where an experienced attorney is especially helpful.