Division of Property

Question 1

Division Approach

Answer 1

Most states follow the equitable division of marital property approach.

Question 2

Equitable Division

Answer 2

Marital assets are divided by equitable distribution among parties to divorce.

Question 3

Separate Property

Answer 3

1) property acquired before marriage
2) gifts/bequests during marriage
3) property spouses agree will be separate
4) passive appreciation of assets

Question 4

Marital Property

Answer 4

All other property acquired during marriage, regardless of whose name is on title.

Question 5

Professional License/Degree

Answer 5

Majority: not deemed marital property, but may require reimbursement for support by a spouse that contributed to education/licensing

Minority: marital property subject to division, value of degree is based on potential future earnings

Question 6

Marital & Economic Fault

Answer 6

Most states, marital fault (adultery) is irrelevant to distributions.

Most courts consider economic misconduct of a spouse when dividing property.

Question 7

Modification of Division Award

Answer 7

A property division award cannot be modified unles exceptional circumstances exist (fraud/duress)