Marital Assets & Debts

During dissolution of marriage, in the event that the parties are unable to agree to a division of their property, the court will determine and divide their property based on a concept of an equitable distribution.

First the court determines if there are any non-marital assets. Non-marital assets and liabilities include assets acquired and liabilities incurred by either party prior to the marriage, and assets acquired and liabilities incurred in exchange for such assets and liabilities; assets acquired separately by either party by non-interspousal gift, bequest, devise, or descent, and assets acquired in exchange for such assets; all income derived from non-marital assets during the marriage unless the income was treated, used, or relied upon by the parties as a marital asset; assets and liabilities excluded from marital assets and liabilities by valid written agreement of the parties, and assets acquired and liabilities incurred in exchange for such assets and liabilities.

Second, the court will determine the marital assets and liabilities. Marital assets and liabilities are assets acquired and liabilities incurred during the marriage, individually by either spouse or jointly by them; the enhancement in value and appreciation of non-marital assets resulting either from the efforts of either party during the marriage or from the contribution to or expenditure thereon of marital funds or other forms of marital assets, or both; interspousal gifts during the marriage; all vested and nonvested benefits, rights, and funds accrued during the marriage in retirement, pension, profit-sharing, annuity, deferred compensation, and insurance plans and programs; and all real property held by the parties as tenants by the entireties, whether acquired prior to or during the marriage, shall be presumed to be a marital asset.

The date to determine assets and liabilities to be identified or classified as marital is the
earliest of the date the parties entered into valid agreement, other date as established by
agreement or date of the filing of the petition for dissolution of marriage. The date to
determination of valuation of particular marital assets and liabilities shall be the date or
dates the judge determines just and equitable under the circumstances.

If you are facing the decision of filing for a divorce, want to protest your assets and need trusted legal advice, please Contact us today to arrange an appointment with our Attorney.