Division of Property

Question 1

Property is divided either by:

Answer 1

1. according to statute; or

2. by an agreement between the parties

Question 2

How should property be divided if there is no agreement?

Answer 2

The goal in distributing marital assets in a divorce proceeding is to reach an equitable distribution of property in light of all the circumstances

Question 3

What are considered separate assets?

Answer 3

(BIG)
Property acquired before the marriage
Inheritance
Gifts to one party

Question 4

What factors will a court consider in dividing marital assets?

Answer 4

(CHAPEL END)

Contribution to the marital estate
Health of the parties
Age of the parties
Past relations and conduct of the parties
Equity (general principles)
Life status of parties

Earning abilities of the parties
Necessities and circumstances of the parties
Duration of the marriage

Question 5

Are prenuptial agreements enforceable?

Answer 5

The prenuptial agreement will be enforced if:

1. it is fair, equitable, and reasonable under the circumstances; and
2. it was entered into voluntarily and with full disclosure of assets

Question 6

What powers do the courts retain with respect to prenuptial agreements?

Answer 6

A court may deviate from the property division set forth in the prenuptial agreement if it seeks to award MARTIAL property to JUST ONE PARTY; and

If the estate and effects awarded to either party are insufficient for the suitable support and maintenance of either party and any children of the marriage.