When going through a divorce, each spouse may have certain assets that he or she desires to keep—the marital home, family gifts, a boat, bank accounts, pensions, etc. Therefore, when it comes time to divide these assets, there may be tension. Hence, when dividing property and assets, each spouse needs to have a thorough understanding of the process.
What is Marital and Non-Marital Property?
Marital property is defined as all property—debts and other obligations—that was acquired by either spouse during the marriage and is therefore subject to equitable distribution. Examples of marital property include real estate, bank accounts, furniture, and motor vehicles.
Judgment on property can be considered marital if a person sues his or her spouse to have insurance coverage or recovery from another party, and is related to the amount of the marital estate.
Non-marital property is defined as any gift or property acquired before the couple was married. This type of property can be excluded by agreement of both spouses, including via a prenuptial or postnuptial agreement. Types of non-marital property include property acquired as a gift, legacy, or descent.
How Can Marital Property be Divided?
The court will work tirelessly to classify marital and non-marital assets. Additionally, any property acquired before the process of divorce will be considered marital property.
Clear evidence needs to be shown to presume the difference between marital and non-marital property. Any property can be presumed for estate or tax planning purposes or for other reasons relating to the transfer of property between both spouses. This transfer of property cannot be intended to be a gift, if only for estate purposes.
Once property is classified as marital and non-marital, the value of the marital property will need to be determined. Then, the marital property will be distributed in a equitable fashion. A skilled divorce lawyer can assist in this process.
Contact Your Wheaton Divorce Attorney Today
Dividing assets during the process of divorce can be complicated and contentious; however, the process does not have to be stressful. The team at Abear Law Offices will diligently work to determine the value of your marital property so that it is fairly divided. Whether your case is simple or complex, Attorney Anthony Abear will effectively and professionally assist you with your divorce or family law matter. To schedule your free initial consultation, please contact our compassionate Wheaton divorce lawyers at 630-904-3033 to get the assistance you deserve.