Preserving Your Assets And Property
Even in an amicable divorce, the question of dividing assets looms large. Will the marital property be divided fairly? Are there any guidelines for the division? In a contentious process, the question of property division can be even more muddled. In these instances, the assistance of a knowledgeable attorney can make a significant impact on the property distribution process.
At the Law Offices of Amanda L. H. Brinton LLC, we offer skilled guidance and representation to individuals in Wilmington and the surrounding areas. Ms. Brinton has helped individuals and couples come to an agreement about the division of marital property in both straightforward and complex cases. Call 302-691-9059 today.
The Basics Of Marital Property Division
Delaware is an equitable distribution state, which means that the marital property and debts acquired during the marriage will be divided as fairly between the two parties as possible.
If the two parties cannot reach an agreement on the division of property, the matter may be brought before the court.
The court will consider several factors, including:
- The length of the marriage
- Whether alimony is part of the equation
- The needs of each party
- The employability or vocational skills of the parties
- Each party’s economic circumstances
- Tax consequences
- Debts of each party
- The value of the property
What Constitutes Marital Property?
Generally, assets and property acquired during the marriage are considered marital property. Nonmarital property is that which each spouse owned prior to the marriage. However, marital and nonmarital property often become commingled and may require court action if each party cannot agree on a way to separate them.