DIVORCE & FAMILY LAW
Property Division
All “marital assets” and “marital debts” must
be divided between you and your spouse. A marital asset is any
tangible or intangible item of value which was acquired by either
spouse during the marriage, except by gift or inheritance. The item
is considered a marital asset even if it was purchased by only one
spouse using income exclusively from that spouse’s employment, is
titled in the name of one spouse, is used exclusively by one spouse,
etc. You and your spouse each own 50% of all marital assets.
Marital debts are bills and debts acquired by
either your or your spouse during the marriage. Again, it
does not matter in whose name the debt was acquired, who benefitted
from the funds giving rise to the debt, etc. You and your spouse
are each responsible for 50% of all marital debts.
In an uncontested divorce, you and your spouse
can agree on how to divide the marital assets and marital debts. So
long as you agree, and your agreement is not induced by fraud or
duress, you may agree to divide your marital assets and debts in
proportions other than 50-50. If you cannot agree, the Family Court
will divide your marital assets and debts according to what the
judge believes is “fair and equitable.” This generally means that
the judge will divide your marital assets and marital debts,
awarding and assigning approximately 50% of each to you and 50% to
your spouse.
Beware: The divorce decree issued in
either an uncontested or contested divorce is only binding on you
and your spouse - it is not binding on your creditors and creditors
can simply ignore it. Thus, even though you and your spouse agree,
or the judge orders, that your spouse will, for example, be solely
responsible to pay the Visa credit card account that was opened in
both of your names, you are still liable for the debt.
Therefore, if your spouse misses a payment when due, there will be a
negative entry on your credit report, and the creditor can
sue you.
Click on the links at the left to learn more about family law.
