Asset & Debt Division in Divorce

When you receive divorce papers, your first concern is probably understanding what went wrong. But as divorce procedures move forward, nothing takes precedence over the division of assets and debt in divorce.

Most states consider property acquired during the marriage as marital property, which is then subject to equitable distribution. In the majority of cases, this means all assets, including debt, are divided equally among both parties. Under certain circumstances, unequal division may be possible, but only if certain factors necessitate unequal distribution.

Assets and debt acquired prior to the marriage are typically classified as separate or individual property. This means they are not subject to equal distribution. Nevertheless, should the value of a particular asset or debt increase during the marriage, this increase may still be eligible for equal distribution. Additionally, separate property may also be used to satisfy specific debts.

Factors a judge may consider when determining equitable asset and debt division in divorce include: business opportunities, the physical and financial condition of each party, the size of each party’s separate or individual estates, disparities in income and earning capabilities, and the potential benefits that one party may have may have enjoyed if the marriage had continued.

If you require a fierce advocate for assistance in asset and debt division in divorce, we encourage you to call King Law Firm Attorneys at Law, Inc. now for a consultation.

King Law Firm Inc.
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