How are Assets and Debts Divided?
Once the parties have all information regarding their and each other’s assets and debts, it is the appropriate time to attempt to divide assets and allocate responsibility for marital debt. Assets can include the marital home, other real estate owned, motor vehicles, bank accounts, stocks, bonds and other investments, pension plans, IRA’s, other retirement savings accounts, jewelry, furniture, antiques and all things a party owns or has an interest in. Many factors are considered in dividing property. Some are age, status, occupation and health of the parties, how the asset/debt was acquired, length of the marriage/civil union, the opportunity for each party to acquire further assets in life, other sources of income and fault. Other factors are whether a party has hidden, transferred or dissipated assets. In most cases, the parties come to a negotiated agreement which includes the division of assets. If an Agreement cannot be reached, a Trial will be held and the Judge will make the de
