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 PROPERTY DIVISION
Once Property Division has been
determined in a divorce, it is non-modifiable (unlike support and
custody issues which can be modified at a later date). This is why
it is crucial for you to attain the most favorable property division
ruling during the initial divorce proceedings.
WHAT
HAPPENS DURING
PROPERTY DIVISION PROCEEDINGS
- There are two
types of property that the Court looks at: Marital Property and
Separate Property.
- Marital
Property – includes all property accumulated through the
joint efforts of the parties during the marriage. Included
are earnings, workers compensation, social security,
disability, injury awards, stock options, vacation and sick
time (if it can be banked in exchange for cash payout),
dependency exemptions, retirement benefits, and property.
-
Separate Property – generally includes pre-marital
property, gifts given to one party alone, and assets
inherited by one party alone.
- As part of the
Property Division process, the divorcing couple’s debts will
also be divided. Marital debts are presumed to be joint absent
special circumstances – like extramarital affairs and criminal
restitution debts.
- Marital
property must be divided equitably by the Court. Neither party
is inherently entitled to a greater share of the marital assets
or responsible for a greater share of the marital debts. Any
significant departure from an equitable distribution must be
clearly explained by the Court.
DID YOU KNOW?
Even
some property that is classified as Separate Property may be
included in the Property Division proceedings if the increase in
value of that property during the marriage reflects an active
involvement by one of the spouses rather than purely passive
appreciation.
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