Madison Division of Assets Lawyer
The division of assets can be an extremely contentious and emotional process for many divorcing spouses. Some assets may be sought after strictly for their sentimental value, and others for their actual monetary value. Dividing assets can be especially difficult for couples that have a significant amount of assets or debts.
An experienced attorney could help protect your property rights and ensure your financial security for the future. Contact a Madison division of assets lawyer today.
Equitable Distribution of Assets
In Madison, a judge may divide marital property based on a legal principle known formally as equitable distribution. According to this principle, the division of marital property upon divorce must be fair, even if it is not entirely equal.
Family courts in Madison will consider a number of different factors when deciding how marital property should be divided. In addition to considering each spouse’s financial liabilities, a judge may also consider how much each spouse has contributed to the acquisition, preservation, and appreciation of their estates.
Other factors that Madison family courts will typically consider include:
- The length of the couple’s marriage
- The age and health of each spouse
- Each spouse’s educational background
- Each spouse’s employability
- The size of the couple’s estate
- The reasoning behind the end of the marriage
It is extremely important to speak with a Madison division of assets lawyer if the matter reaches a family court. An attorney may be able to provide a person with the right legal guidance to ensure the equitable distribution of assets.
Assets Subject to Equitable Distribution
Real property is not the only marital asset that is subject to equitable distribution in Madison. Throughout the state of Connecticut, any properties or assets acquired during the course of a couple’s marriage will be subject to equitable distribution by the court if the couple later decides to divorce.
When determining equitable distribution, the court will take into account a couple’s financial assets, such as checking and savings accounts, stocks and bonds, investments, 401(k) plans, and retirement accounts. Any and all personal property—including furniture, vehicles, jewelry, art, antiques, and other valuables—may also be subject to distribution by the court. Any debt the couple has accumulated over the course of the marriage will also be distributed, including credit card debt and mortgages.
It is important to note that any property acquired by one spouse prior to marriage, through inheritance, or as a gift may not be considered a marital asset. Instead, the property may be considered premarital or separate property, which is not typically subject to equitable distribution.
However, if a divorcing couple does not have a prenuptial agreement in place, separate property can still be subject to division in a divorce. This will typically occur when assets that were brought into the marriage by one spouse are not kept separately, and eventually, become merged with the couple’s assets. Speak with a Madison division of assets lawyer to learn more about premarital property.
How a Madison Division of Assets Attorney Could Help
If you are currently in the midst of a divorce and need assistance with the process of dividing marital assets, a division of assets attorney in Madison could help. A Madison division of assets attorney could also work to ensure that any premarital or separate assets remain protected, and are not subject to equitable distribution by a court.
Call today to discuss your situation and to learn more about how a Madison division of assets lawyer could assist you with property and debt division.