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
- 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
Contact The Law Office of Patricia A. Sullivan for more information and a consultation about divorce and property division.