What Happens To Our Debts After A Divorce?
The court will be in charge of deciding who will be responsible for the debts.
How Is It Determined That A Property Is Equitable?
These are some of the things that are considered when the court distributes marital property:
- The length of the marriage
- Income of each spouse
- Age and health of both parties
- If there are children involved
Will The Property Distribution Be Affected By Who Is At Fault?
The property is usually distributed based on the financial situation of each party. However, this might happen under extreme situations where the abuse reaches the level of a violent felony.
What Is Marital Property?
Regardless under what name the property is under, if it was bought during the marriage it is considered marital property and will fall under the category of equitable distribution.
What Is Equitable Distribution?
Equitable distribution is making the distribution of property between the two spouses as fair as possible. Although, there is no guarantee that assets will be distributed 50/50, what usually is taken into consideration is the financial status of each party.
What Happens To My Property After Divorce?
Property is generally divided equitably between two spouses when the court grants a divorce. The division of property is decided in accordance with the Equitable Distribution Law.