Delaware follows the principle of equitable distribution when dividing marital property during a divorce. This approach means that the court divides assets and debts fairly but not necessarily equally.
Understanding how Delaware’s equitable distribution laws work can help you protect your financial interests.
How does equitable distribution work?
Equitable distribution does not require a 50/50 split of marital assets. Instead, the court considers several key factors to determine a fair division of assets. These factors include the length of the marriage, each spouse’s contributions to the marriage and the financial circumstances of each individual. The court also considers the value of the property each spouse will receive and each person’s economic situation.
What counts as marital property?
Delaware’s domestic relations code defines marital property as assets and debts acquired during the marriage. This includes income, real estate, vehicles and even retirement accounts. Separate property, such as assets owned before the marriage or gifts and inheritances given to one spouse alone, usually remains with that spouse. However, if separate property becomes commingled with marital property, it may be subject to division.
Is there an alternative to equitable distribution?
Spouses can reach a property settlement agreement outside of court. This gives the couple much more control over the allocation of their belongings. If they cannot agree, however, the court steps in and makes the final decision. In complex cases, the court may involve financial experts to help evaluate assets and determine a fair division.
Understanding Delaware’s equitable distribution laws can make a significant difference in the outcome of a divorce. By being aware of what the law requires and how it applies, spouses can make informed decisions and work toward a fair resolution.
