Here is a sad truth – not all marriages last a lifetime. If the relationship is damaged beyond repair, the couple might have no choice but to divorce. And one of the most pressing questions most divorcing couples ask is, “What will I walk out of the marriage with?”
Property division is an important subject during divorce. So, what exactly is marital property and how it is handled in the event of a divorce?
Understanding marital property
When it comes to divorce, there are basically two sets of properties – separate property and marital property. Marital property refers to any asset and debt that the couple acquires during the marriage. This belongs to both spouses regardless of each party’s contribution and is, thus, subject to division per Rhode Island’s equitable distribution laws in the event of a divorce.
Examples of marital property would be items purchased during the marriage like the home, artwork, cars and other valuables, financial gains acquired during the marriage and any debt incurred such as credit card debt.
Splitting marital property
Rhode Island is an equitable distribution state. This, however, does not mean a 50-50 split. Rather, it is upon the court to expressly divide the property in a manner that it deems fair to both parties. Here are some of the factors the court takes into account to ensure equitable division.
- The duration of the marriage
- Each party’s contribution to the household
- Each party’s conduct during the marriage. For instance, an attempt to hide marital property can hurt your divorce case.
- Each spouse’s health, age and income or income potential
- Each spouse’s financial obligations like child and spousal support
Divorce comes with loads of uncertainty. Understanding the state’s marital property laws work can help you protect your interests and leave the marriage with your fair share of the marital property.