Dividing Marital Property Sets Both Parties’ Post-Divorce Financial Foundation
Rhode Island divorcing spouses who are unable to agree on how to split their marital assets and debt are subject to the court’s decision using an “equitable distribution” model. Despite its name, the equitable distribution model does not automatically presume that all assets and debt should be divided in half.
Rioles Law Offices in Providence adopts a solutions-oriented approach to property division. Just as with creating a child custody and visitation plan through negotiation, reaching terms on property division without litigation allows both parties involved to retain more control over the final outcome. If an agreement cannot be reached amicably, then proper preparation for trial is crucial to ensure that each client receives their fair share of assets.
Factors That Impact How Property Is Divided
If you are unable to reach a settlement on division of marital property, Rhode Island judges are provided ample discretion in determining how to divide the assets and to assign the debts. Following a discovery process in which assets are classified as either premarital assets, marital assets or inherited property, a monetary value is assigned to the marital property and debt.
The court considers a number of factors when awarding property, including but not limited to:
- The duration of the marriage
- The conduct of the parties during the marriage
- The amount and sources of income of each of the parties
- The occupation and employability of each of the parties
- The contribution of each of the parties during the marriage in the acquisition, preservation or appreciation in value of their respective estates
- The need of the custodial parent to occupy or own the marital residence and to use or own its household effects taking into account the best interests of the children of the marriage
- Either party’s wasteful dissipation of assets or any transfer or encumbrance of assets made in contemplation of divorce without fair consideration
Family law lawyer Brenda F. Rioles has an in-depth understanding of valuation methods in order to properly value complex holdings such as real estate, businesses and retirement accounts. The firm will protect your interests and act as your advocate on all asset division matters.
Work With A Lawyer Who Will Protect Your Interests
Providing yourself with a strong financial foundation is vital to starting out right in your post-divorce life. An experienced Providence property division attorney can go a long way toward achieving that objective.