How Is Your Property Divided During a Divorce?
If you and your spouse cannot mutually agree on how to divide your property in a divorce, a court will do it for you. If a court does this for you, the Judge will take into consideration a number of factors, including the following (depending on your state):
- The contributions, monetary and nonmonetary, of each spouse to the well-being of the family and acquisition of marital assets;
- The duration of the marriage;
- The ages and physical and mental condition of each spouse;
- The reasons for the breakdown of the marriage, including any grounds for divorce;
- How and when specific items of marital property were acquired;
- The debts and liabilities of each spouse, the basis for such debts and liabilities and the property which may serve as security for such debts and liabilities;
- Whether the property is readily convertible into cash;
- The tax consequences to each spouse;
- The use or expenditure of marital property in anticipation of divorce or after the last separation; and
- Other facts the court determines are important to consider.
If you’re thinking about a divorce, you should talk to a divorce attorney you trust to become informed about your options. Lynchburg Family Law Attorney M. Marcy Jones has the experience and the training to give you the information you need to make informed decisions, whether you actually proceed with a divorce or not. Call for an appointment at 434-845-2463 or use Marcy’s contact form to send her a message.