Division of Assets and Debts

Division of Assets and Debts 2017-12-08T19:44:13+00:00

The dissolution process involves the equitable division of assets and debts. This does NOT equate to the equal dividing of assets and debts but it could.  There are many factors which must be taken into consideration. Such factors include but are not limited to the consideration of maintenance, separate property of each party, earning ability of a spouse, pensions and other retirement assets, how debt was incurred, when it was incurred and for what purpose.

While couples generally would be better off coming up with a creative solution to divide marital debts and assets, it is not a simple task.  For example, the parties could agree that one parent to stay in the marital home with their young children to keep the consistency of the neighborhood and school for a period of time. At the end of that period, the marital home is placed on the market and sold with the net proceeds divided.

Such an agreement contemplates many issues and questions, such as: Who pays the mortgage and utilities? Which party is responsible for the maintenance and up keep of the home pending the sale? Who gets the interest deductions? Couples rarely come up with such creative agreements themselves without the help of a competent family law attorney.”