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The division of property is a part of a divorce in many cases. The difficulty of the process depends on what you and your spouse agree upon and what you don’t. In some cases, spouses can decide on their own which pieces of property they will allow each other to have. In other cases, it can be harder to agree and that means using mediation or allowing the court to decide property division.
If you are going through a divorce, the help of a Duluth divorce lawyer can make property division a more bearable process. You will receive the guidance that you need throughout the process and will be given straightforward advice so you can make informed decisions.
Marital property is defined as property that is acquired during the marriage. All property that is acquired by either spouse during the marriage is considered marital property. It doesn’t matter if a title is held individually or jointly.
Non-marital property is defined as property that is acquired outside of the marriage. In other words, property that is acquired before the marriage is considered non-marital. However, there are some instances in which property acquired during the marriage is considered non-marital. For example:
The party making the claim will have to prove that a piece of property is non-marital property. If proof cannot be shown, then the property will be considered marital and will be included in any property division proceedings.
There are times when a piece of property has a marital and non-marital component. Real estate and retirement plans are examples of this. If that’s the case, then the non-marital interests may need to be traced.
From there, marital property is equitably divided. This means it is almost always equal. The same applies to debts that are incurred during the marriage, despite the fact that one spouse may have incurred more debt than the other spouse.
If the distribution is unequal and it is determined by the court, there are a number of factors considered, such as the length of the marriage, if a prior marriage ever existed, the contribution of each spouse to the property, and the contribution of the homemaker spouse (if applicable). The age, occupation, health, sources of income, employability, skills, liabilities, estate, needs, and the ability of each spouse to acquire capital assets in the future are all considered. Your Duluth divorce lawyer will help you through this process in order to remove as much stress as possible and to help you provide the court with all of the information that is needed to make a decision.
Property division is a very serious matter in that it can be agreed upon or decided upon by a judge. If you are facing divorce, it is important to secure the services of an experienced divorce lawyer who can help you address such issues as property division. To learn about how the Benjamin Kaasa Law Office, PLLC can help you, call 218-464-3397 for a consultation.