How does the court decide on a monetary award or what constitutes an “equitable” division of marital property?
The court considers the following factors: • The contributions, monetary and non monetary, of each party to the well-being of the family; • The contributions, monetary and non monetary, of each party in the acquisition and care and maintenance of such marital property of the parties; • The duration of the marriage; • The ages and physical and mental condition of the parties; • The circumstances and factors which contributed to the dissolution of the marriage, specifically including any ground for divorce; how and when specific items of such marital property were acquired; • The debts and liabilities of each spouse, the basis for such debts sand liabilities, and the property which may serve as security for such debts and liabilities; • The liquid or non-liquid character of all marital property; • The tax consequences to each party; and • Such other factors as the court deems necessary or appropriate to consider in order to arrive at a fair and equitable monetary award.
