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The division of marital assets, or property acquired during a marriage, varies depending on the state in which you live. Many states are “equitable distribution” states in which both spouses are entitled to some portion of the marital earnings based on his/her contributions to the marriage. Keep in mind that equitable distribution does not mean equal distribution.
A court considers a number of factors before determining the distribution of marital assets. Contribution to a marriage is not only based on financial earnings, but is also measured by the non-financial components in a marriage. For example, a stay-at-home parent may not be making much of a financial contribution to a marriage, but he/she may have made a home for the family, raised the children, and provided emotional support to the other spouse. The court will look at both the financial and non-financial (marital duties and homemaking) components before deciding what assets to allot to each spouse.
The only assets that may be divided upon a divorce are those obtained during the marriage up to the date of the separation. This includes all property that is acquired during the marriage. However, some courts will also recognize the cases in which the economic partnership began before the ceremony such as purchasing a house in contemplation of a marriage. In these cases, however, the spouse whose name is not on a deed must show how they were involved with the house before and during the marriage. In most states, if property was obtained under one spouse’s name during the marriage, that asset is still subject to equitable distribution.
Please contact us to speak with a qualified and experienced divorce attorney who can inform you of your legal options in your state and protect your rights.
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