Property Division
In a divorce proceeding, each spouse typically receives a portion of the assets and liabilities acquired during the marriage. Any property or debt acquired during the marriage, except by inheritance or gift to one party alone, is subject to "equitable division" between the parties.
"Equitable" refers to a fair arrangement based on the facts and circumstances of each case.
"Equitable division" refers to the court's determination of the property each spouse will receive, and which debt obligations each spouse will be responsible for, in the absence of a negotiated agreement between the parties.
All marital property is subject to equitable division, including, but not limited to:
- Real estate, including primary dwellings, whether
jointly or individually owned,
- Personal property, which typically includes motor
vehicles, household furnishings, jewelry, and other tangible property,
- Financial assets and accounts, including checking,
savings, and retirement accounts and benefits (such as IRAs, 401k
plans, pension plans, etc.), and investment securities (stocks, bonds,
mutual funds, etc.)
- Debt obligations, including mortgage loans, car/truck loans and other installment loans, credit card accounts, and other debts.
Advice and representation by a experienced attorney is highly recommended to ensure a fair and equitable division of marital property, particularly for complex matters involving future retirement accounts and benefits.
Dale A. Wren has 17 years' experience with family law issues related to legal dissolution of a marriage relationship, including legal separation, property and debt division, child custody, child support, spousal support, and tax considerations. Mr. Wren personally handles all client matters and cases. Initial consultations with clients are always confidential and at no cost.