Franklin Law PLLC

Franklin Law PLLCPROPERTY 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

  1. There are two types of property that the Court looks at: Marital Property and Separate Property. 
    1. 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.
    2. Separate Property – generally includes pre-marital property, gifts given to one party alone, and assets inherited by one party alone.
  1. 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.
  2. 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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