The distribution of assets in a divorce is governed by family law. The specific rules vary from state to state, but in general, assets are divided equitably, or fairly, between the spouses. This means that the court will consider all of the relevant factors, such as the length of the marriage, the income and earning capacity of each spouse, the assets and debts of each spouse, and the needs of any minor children, in order to determine what is a fair division of assets.
There are a few exceptions to the general rule of equitable distribution. For example, in some states, assets that were acquired before the marriage or that were inherited or gifted to one spouse may be considered separate property and not subject to division in the divorce. Additionally, in some states, the court may award one spouse a greater share of the assets if it finds that the other spouse has been at fault in the breakdown of the marriage.
The distribution of assets in a divorce can be a complex and emotional process. It is important to consult with a family law attorney to understand your rights and options.
Here are some of the factors that a court may consider when dividing assets in a divorce:
- The length of the marriage
- The income and earning capacity of each spouse
- The assets and debts of each spouse
- The needs of any minor children
- The contributions of each spouse to the marriage, including contributions to the acquisition, maintenance, and improvement of assets
- The misconduct of either spouse during the marriage
The court will consider all of these factors and make a decision about what is a fair division of assets. It is important to note that the court is not required to divide the assets equally. The court may award one spouse a greater share of the assets if it finds that it is fair to do so.
If you are going through a divorce, it is important to speak with an attorney about how your assets will be divided. At Gehi & Associates, we can help you understand your rights and options and can represent you in court if necessary.
