How are the marital assets and debts divided? In most cases this means to divide them equally among the parties. The Court must first identify the marital assets and marital debts and determine whether they were acquired during the marriage. Some such assets are the marital residence, contents of the marital residence, bank accounts, retirement accounts, brokerage accounts, pensions, cars, jewelry, and pets.
There may be separate non-marital assets that were acquired prior to the marriage. The Court would determine if there are assets and debts that should not be divided when ruling on an equitable distribution scheme.
During the course of a marriage, a party can “commingle” marital assets with their non-marital assets reclassifying the asset as marital subject to division. For example, depositing monies earned during the marriage into a separate non-marital account. This act would now classify the asset as a marital asset subject to division. Further non-marital assets like real property can be converted to marital property by changing the title to joint ownership.
Schedule your free telephone consultation with Attorney Maria J. Patullo to discuss your case and to learn your options. Call today (561) 252-2270