Jacobson Family Law: Property Division
In an absolute divorce, the court has the authority to divide marital property between the parties. There is a three step process when making such a division.
- The court must first determine what property is marital.
- The court must then determine the value of each piece of marital property.
- The court may then divide the marital property by issuing a monetary award, transferring an interest in real property, transferring an interest in retirement assets and/or, ordering the sale of real or personal property.
Marital property is defined as any property acquired by either spouse during the term of the marriage, regardless of how that property is titled. Some property, such as gifts from third parties, inheritance, and property specifically addressed in an agreement, are excluded from a marital property division. It is possible that a piece of property is partially marital and non-marital. An experienced divorce attorney at Jacobson Family Law can assist in explaining which property is marital, non-marital and determining the value of each.
When required to make the final division of marital property, the court must consider the following factors:
- The contribution, monetary and non-monetary, of each party to the well-being of the family.
- The value of all property interests of each party.
- The economic circumstances of each party at the time the award is to be made.
- The circumstances that contributed to the estrangement of the parties.
- The duration of the marriage.
- The age of each party.
- The physical and mental condition of each party.
- How and when specific marital property was acquired.
- Any award of alimony or award of use and possession of personal or real property made by the court.
- Any other factor the court considers necessary or appropriate to arrive at equitable distribution.
Schedule an appointment today with an attorney at Jacobson Family Law to discuss your property division matter today.
ADDITIONAL PRACTICE AREAS:
- Alimony/Spousal Support
- Child Support
- Collaborative Divorce
- Contempt Proceedings
- Marital Property Division
- Name Change
- Pre- and Post - Nuptial Agreements
- Protective Orders
- Separation Agreements
- Estate Planning