Marital Property Issues

For parties who are still married to each other but going through a divorce, marital assets and liabilities must be identified and divided equitably. Marital assets and liabilities include all those owned, controlled, or owed by either or both of the parties regardless of the name in which they are listed. The division of these assets and liabilities is determined on a case by case basis after careful consideration of thirteen mandatory statutory factors (the length of the marriage; the parties’ conduct, age, health, station, occupation, income, vocational skills, employability, assets and estates, liabilities and needs, opportunity for future income and assets; and present and future needs of the children) as well as two discretionary statutory factors (the parties’ contribution to the acquisition, preservation, or appreciation in the value of the marital estate and as a homemaker to the family unit). Based on these factors, an equitable division of marital assets and liabilities is made.

Typical issues affecting marital property include: