Who Receives Which Assets In The Divorce?
When dividing property, the court will consider each party's contribution to the acquisition, preservation, depreciation or appreciation in the value of the marital estate. The court will also consider the contribution of a spouse as a homemaker. Each party is conclusively presumed to have made a substantial marital contribution to the acquisition of marital property. The court will look at several factors when determining an equitable property settlement. Some of these factors are:
- Length of the marriage
- Age, health and occupation of both parties
- Sources of income and vocational skills of both parties
- Employability of both parties
- Liabilities of both parties
- Income of both parties
- Potential for future acquisition of capital assets
The court may also consider any other factors deemed relevant.
In a marriage dissolution action, property is categorized as either marital or nonmarital property. Marital property is generally all property acquired during the course of the marriage. Nonmarital property is property that one spouse has brought into the marriage or property that has been given to one spouse during the marriage such as an inheritance. The marital estate also includes an increase in the value of nonmarital property if the increase is due to marital efforts.
The marital estate will also include nonmarital property that has been co-mingled with marital property. Co-mingling simply means that the property has been placed with marital property in such a way that the nonmarital property cannot be specifically identified. This usually takes place with cash accounts and stock investment accounts.
The division and valuation of property can be a very long and expensive task. This is especially true when there is property that has both a marital and nonmarital component or when a family business must be valued. In these cases, William Casey Law Office, LLC, will often hire trusted experts to value a business or trace a nonmarital investment into marital property. Turning to these experts will ultimately decrease the total cost of your representation, give you accurate information and provide expert testimony if needed. Experts in these areas are often hired by both parties as a neutral. This saves even more on the total cost.
Have More Questions? Call Our Firm.
Bill Casey has exceptional experience in helping couples to navigate the challenging path of marriage dissolution and property division.
To make an appointment for a consultation with William Casey Law Office, LLC, please call 612-351-1566 or email us.