One of the most contentious issues in a divorce is often figuring how to divide all the assets and liabilities that were acquired during a couple’s marriage. In Milton, only “marital property” is subject to division and distribution when a couple divorces, while “separate property” remains under the ownership of the spouse who originally acquired it.
When dissolving a marriage, a couple can decide among themselves how to divide their property. Otherwise, a court may have to intervene and decide for them according to equitable distribution principles.
Allocating marital property in a divorce can be a complex process that may require the assistance of a skilled Milton division of assets lawyer. You should contact a local divorce attorney today to learn more about the many different ways you can benefit from having legal representation throughout the asset division process.
Since only marital property can be divided in a divorce, it is essential to classify assets as either shared or separate. All assets and debts acquired during the course of a marriage are characterized as marital property. Income earned by either spouse, the marital home, furniture, and vehicles acquired during the marriage through the combined efforts of the couple all count as marital property and are subject to division upon divorce or separation.
Typically, any assets brought to the marriage by one spouse are considered separate property and not subject to division in the event of divorce. Separate property also includes anything acquired by one spouse via gift or inheritance during the marriage that has been kept separate and not converted to marital property through combined use. A Milton asset division attorney can offer valuable insight on the process of converting marital property cases.
Family courts in Milton exercise great discretion when it comes to dividing a divorcing couple’s marital property. In general, a judge will allocate marital assets according to equitable distribution, which is whatever the judge or jury deems to be fair under the specific circumstances. While this can result in marital property being divided equally in some cases, it does not necessarily mean a 50/50 split.
A judge is required to follow several important factors set down in case law when determining how to divide marital property fairly between to parties. Examples of the considerations the court must make include:
It is also important for a property distribution lawyer in Milton to determine whether there is any marital misconduct between the parties. Specifically, evidence of infidelity or family violence can influence a judge’s decision on the division of marital property.
Dividing assets and liabilities upon divorce or separation can be a complicated process, especially if the parties are contentious with one another and unable to negotiate productively. Whether you are thinking of divorcing or have already begun the divorce process, a Milton division of assets lawyer can help with protecting your financial interests and your future after the dissolution of your marriage. Call our intake team today to get started.