Division Of Property
In an action for divorce, the division of property or the division of the family’s assets and liabilities is referred to as distribution. The proper division of assets and liabilities is extremely important because it can affect alimony and child support.
The process begins by separating non-marital assets and non-marital liabilities from family assets and family liabilities. Each party is entitled to their own non-marital assets and responsible for their own non-marital liabilities. Family assets and family liabilities are divided “equally” unless there is a reason for an unequal distribution.
There are many reasons for family assets and family liabilities to be divided unequally. In addition to other factors, consideration is given to the contributions to the marriage by each spouse including the care and education of children, the interruption of a spouse’s education or career during the marriage or the desire of a spouse to remain in the family home after the divorce. An unequal distribution can also result if a spouse intentionally depleted the family assets.
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