During a divorce, asset division can be a confusing and difficult process. This is because there are many factors that go into deciding how to split assets. The duration of the marriage, age, health, occupation and other factors can all be a factor. If one party makes hasty decisions, this can result in a grossly uneven distribution.
The court will divide assets according to a method called equitable distribution. It is a process that awards assets to the most “deserving” spouse. The court will analyze the assets and debts of both parties. It will also consider the needs of children.
When determining asset division, the court will take into account how long the couple was married, the contributions of each spouse, the length of the marriage and their future earning potential. Typically, a judge will award each spouse as close to half of the marital estate as possible. However, this is not a universal rule.
If the couple cannot agree on the division of assets, they can work with a divorce mediator. A mediator will help them figure out which assets are separate and which are marital property.
When a couple has a prenuptial agreement, the court is required to follow it. The court will also consider a couple’s historical financial standing. It will look at both sides’ assets and debts to determine a fair division.
The court will also consider how the couple spent their assets. It will also consider how the couple will use their assets in the future.
