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Rhode Island Property Division Lawyer

How Property is Divided in Divorce: Equitable Division

If you are seeking a divorce, one issue of concern is the division of property. The law dictates that marital property is distributed equitably. This means that rather than equally splitting each and every asset, there will be a workout of a reasonable and fair division of all of the assets that are considered to be owned by both parties.

What is considered marital property?

Assets that a person owned prior to marriage are not ordinarily considered marital property, but in some cases, these assets may be adjudicated to be marital property. For example, should one party own a home that the family then resided in for a long period of time, and the other partner contributed to the upkeep and improvements, the property could be deemed to be a marital asset. If you have received an inheritance, this is considered non-marital property. However, if you took your inheritance and invested in your spouse's business, those business interests could be considered to be owned mutually. The increase of value in a property solely owned by one party is considered to be a joint asset in divorce.

How is the division of property decided?

There are several factors that are considered in the division of marital property. These include:

  • the duration of the marriage;
  • the contributions made by each party in acquiring, upgrading or maintaining properties;
  • the income of each party;
  • the contributions by one party with regard to support while the other gains a professional license;
  • the need for one parent to retain the family home due to the care of children;
  • the future financial opportunities of each party;
  • other factors that the court believes are relevant to the case.

If you have concerns about keeping the family home, losing your separate property, retirement accounts or other investments, or other issue of concern, I can discuss your personal questions with you, as well as what I can do to help you achieve a favorable settlement.

How are retirement funds divided?

Retirement funds must be valued. A person who had a retirement account or accounts prior to marriage and throughout the term of the marriage, the value of the accounts continued to grow will find that the increase in value may be considered a marital asset. These funds can be substantial. It is important that when considering divorce that you get counsel from a highly experienced Rhode Island divorce lawyer that can advise you about this crucial issue. As your financial health can be compromised in divorce, it is important that you are protected and do not lose any assets that are yours under state law.

Contact My Firm For Legal Representation

My firm, The Law Office of Patricia A. Sullivan, has served individuals throughout Rhode Island for many years, and I have extensive knowledge and experience in property division and divorce. I protect my clients and am focused on ensuring that their individual assets are protected, as well as that when property is divided, that the most favorable arrangement is made.

In many cases, working out these details outside of court can be beneficial, as both parties are involved in coming to an agreement, rather than having an order imposed by the court. In either case, I am very familiar with all aspects of family law, and can assist you in this critical aspect of divorce. Contact The Law Office of Patricia A. Sullivan for more information and a consultation about divorce and property division.