Family Law Blog

Much to Consider With Division of Assets

By Denver Divorce Lawyer on October 7, 2009

In divorce proceedings, division of assets can be especially problematic, particularly if divorcing parties are not on the best of terms and emotion is conflicting with what law deems is necessary in dividing said assets. According to About.com, property is placed into one of two categories: marital or non-marital. Marital property is that which was accumulated by either or both parties during marriage, while non-marital property refers to those goods that were acquired on an individual basis by each member of the divorcing party prior to that party’s marriage.

Marital property is split up amongst divorcing parties in an equitable manner, not equal. The split need only be deemed fair and just by the court system, and does not have to equal an exact 50-50 split of acquired assets. However, there are certain assets that, while having been acquired during marriage, are not considered to be marital property. Gifts, property acquired in exchange for property that was acquired prior to marriage, and property that the divorcing parties have agreed upon not to be included in marital assets, are all items that cannot be equitably divided, in addition to non-marital property.

In dividing property, numerous details are taken into consideration. How much a spouse contributed to the overall well-being of the marriage is taken into consideration, as well as the value of the property belonging to each spouse, how long the two members of the now-divorcing party were in fact married, and who will assume custody of the children (if present). It should be noted that much weight is placed upon the needs of the children, as their general well-being and ability to cope with the divorce with as much ease as possible are both high priorities of the court system. Furthermore, “the age, health, occupation, amount and sources of income, vocational skills, marketable skills, estate, liabilities, and needs of each of the parties”, as well as an individual’s ability to reasonably acquire future assets and income, are also taken into consideration to help make the division of assets as equitable as possible.

If you are going through a divorce, and would like to protect your assets and matrimonial rights, don’t hesitate to contact a skilled divorce attorney at Kaplan Law, LLC. Our experienced Denver property division attorneys will fight for your best interests, and will ensure that your right to an equitable division of assets is not infringed upon. Please call us today at 1-877-527-5206 for more information.

Source Article: http://divorcesupport.about.com/od/propertydistribution/f/propertydistr.htm