Asset & Debt Division
When you are served divorce papers, your first is probably what went wrong. But as divorce procedures move forward, nothing is more important than how assets and debt will be divided.
In most states, property acquired during the marriage becomes marital property, thus subject to equitable distribution, meaning all assets, including debt, will be distributed equally among both parties. Depending on the circumstances, unequal division may be possible, but only if certain factors dictate an unequal distribution.
Assets and debt that were collected prior to the marriage are most commonly categorized as separate or individual property and is not subject to equal distribution. However, should the value of a particular asset or debt increase during the marriage, this increase may still be eligible for equal distribution. Separate property may also be used to satisfy specific debts.
Some factors a judge may consider when deciding equitable distribution of assets and debt include business opportunities, each party’s physical and financial condition, the size of each party’s separate or individual estates, the difference in income and earning capabilities, and what benefits may have been available by one party should the marriage had continued.
If you are currently going through the process of a divorce and need a fierce advocate to help in the division of assets and debt, call King Law Firm Attorneys at Law, Inc. now for a consultation.