When couples decide to get a divorce in Rhode Island, one of the first things they need to do is figure out what will happen to their assets. This can be a difficult process, as there are many factors to consider. In this blog, learn about the different types of assets that may be divided in a Rhode Island divorce. We will also provide some tips on how to negotiate property division fairly and efficiently.
Marital property in Rhode Island is defined as any property either spouse acquired during the marriage. The court will divide the marital property equitably between the spouses but not necessarily equally (although it is possible to see equal division). Non-marital property is defined as any property acquired by one spouse prior to the marriage or inherited by one spouse during the marriage. The court will generally not divide non-marital property in a Rhode Island divorce.
If you and your spouse are unable to come to an agreement on how to divide your assets, the court will make a determination based on what it believes is fair under the circumstances. Factors that may be considered include:
Each party's contribution to the acquisition of marital property, including contributions as a homemaker;
Each party's economic circumstances at the time of the division of property becoming effective;
The duration of the marriage;
Any prior marriage of either party;
The age and health of both parties;
The income and earning capacity of both parties, including their educational levels;
Each party's contribution to the education, training, or earning power of the other spouse;
Each party's need for retraining or education in order to achieve their earning potential;
Whether a spouse will be responsible for caring for minor children or disabled adult children after the divorce. (This is generally not a factor if custody has already been determined); and
Any other factors that may be relevant under the circumstances.
Work with an Attorney for Property Division
It is important to remember that the court's ultimate goal is to create a property division that is fair and equitable to both parties involved. If you have any questions about how your assets may be divided in a Rhode Island divorce, it is wise to speak with an experienced family law attorney. An attorney can help you understand the law and what to expect during the divorce process.
If you are considering a divorce in Rhode Island or have questions about the asset division process, be sure to get in touch with the attorneys at Assalone & Associates.
Learn more about how we can help or schedule a consultation by calling (401) 589-5599 or by visiting our website.