Over the course of your marriage, you and your spouse likely acquired assets and wealth. Upon making the difficult decision to get divorced, your shared property will have to be split up between you. An often contentious process, understanding the factors that may affect the division of your marital assets may help you prepare for your Delaware divorce.
Marital property includes those assets acquired by either spouse after the marriage and any jointly titled properties obtained before the marriage. The exception to this includes property titled and held by one spouse that was obtained by gift, descent, bequest or devise; the value increases of property gotten prior to the marriage; property got in exchange for property obtained before the marriage; and property excluded through premarital or post-marital agreements.
Should the decision fall to the court to divide your shared assets, the judge will divide and distribute it equitably. This does not mean, however, that it will necessarily be split equally between you and your soon-to-be-ex. Rather, the courts consider several factors. According to Delaware state law, the factors considered in property division proceedings include the following:
- You and your spouse’s station, age and health
- You and your spouse’s employability, vocational skills and sources of income
- Whether you or your spouse can acquire assets or income in the future
- The duration of your marriage
- The contributions you and your spouse made in acquiring and preserving the marital assets
Additionally, the court will take into account the value of the property going to you and your spouse, the tax consequences of the judgment, and whether marital assets are being awarded in addition to or instead of spousal support.
The information in this post is meant only for general knowledge and is not intended to be legal advice.