One of the most critical steps in divorce is reviewing the property and dividing them equitably. Property division is crucial because the decisions could affect other matters, such as alimony.
Typically, the court would assess each property and decide whether they are marital. Then, they will divide marital assets between the divorcing couple. However, the court looks at certain factors during the entire process.
The court will consider the following while dividing the couple’s property:
- The marriage’s duration
- Any misconduct committed by either party during the marriage
- Each party’s contribution to the estate’s value and purchase
- Each party’s duties in taking care of the estate
- Health and age
- Income amount and source
- Each party’s job or potential employment
- The potential of each party to gain more property
- Each party’s role in providing the other’s education, training, license, enterprise and ability to earn
- The child’s best interest in terms of who will own the marital home
- Any inappropriate actions regarding assets while considering the divorce
- Other factors the court deems appropriate
Additionally, the court will sort assets and liabilities based on the circumstances surrounding them.
Unique property division considerations
The court would also consider the labor each party invested in an asset that might have increased or reduced its value. Additionally, the court will review debt and other liabilities. They will appropriately distribute them as well, depending on their details.
If a party disagrees with the court’s decision, they can file an appeal after finalization. Due to particular concerns during this process, it can become a lengthy ordeal based on the divorcing couple’s estate.