Divorce preparation from NoMarriage.com
Divorce preparation
Marital Property
Marital property is all property acquired by either or both spouses during the marriage regardless of who has ownership. It must be acquired before a separation agreement is signed or a matrimonial action is started. It does not include separate property or property provided for in a written agreement. Goodwill in an exclusively owned professional corporation is subject to equitable distribution. Goodwill is transferable and marketable and should be treated like any other property for distribution purposes. Goodwill, however, is differentiated from earning capacity, licenses, and educational degrees.
Separate Property
Separate property includes (1) property acquired before the marriage, (2) a gift from a third party, (3) an inheritance, and (4) personal compensation. If separate property is transferred into joint names, it becomes subject to equitable distribution as marital property.
Some of the factors that courts consider in determining the amount of the equitable distribution award are (1) the income and property of each spouse at the time of marriage and the start of the lawsuit, (2) duration of the marriage and the age and health of the spouses, (3) the need of the parent having custody of the children to occupy the marital residence and own or use the household contents, (4) lost pension or inheritance rights, (5) the amount of the maintenance award, and (6) the future economic circumstances of each spouse.
If equitable distribution is not feasible, a fixed-sum distributive award is granted. A distributive award is a property settlement provided by a written agreement or court order in place of, or in addition to, the equitable distribution of assets.
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