Divorce is the ending of the marriage contract. As such, it involves the division of marital assets and debts.
It is important to talk to an experienced divorce attorney about the division of marital assets because this often-contested issue is of utmost importance to your future financial well-being.
The Newport divorce attorney Amey F. Cardullo is experienced in the legal issues surrounding property division. You can rely on her legal counsel whether your marital estate is modest or more substantial and complex. To arrange an initial consultation about the division of property in your divorce, please contact our office in Newport by email or call (401) 849-9950.
In Rhode Island, the division of property must be equitable, but not necessarily 50/50. There are a dozen factors that a judge can consider when making a decision about property division.
If one party had a string of affairs, attempted to hide assets or squandered marital assets, for example, he or she may receive less than half of the marital assets.A party who paid for a spouse's higher education, only to be served with divorce papers after graduation, may receive more than half of the estate.
Debts are divided between the two parties. It does not matter whose name is on the credit card or the titles to the vehicles. With some exception, the court considers all assets and debts acquired during the marriage as marital property.Property acquired before the marriage and through inheritance is generally considered separate property.
The first step in the process of dividing the marital estate is to take an inventory of all assets and debts. Assets can include bank accounts, investments, pensions, retirement accounts, real estate, businesses, vehicles and personal property. Debts include mortgages, business or personal loans, credit card debt, college debt, medical debt and even gambling debts.
In some cases, we may hire a forensic accountant to track down hidden assets or identify marital property that has been wastefully dissipated. We also work with specialists to evaluate businesses.
Once the items in the estate are properly inventoried, we will help you negotiate, mediate or litigate an equitable distribution of the property.
The division of property is decided upon before the court considers alimony. It is important to work with an attorney who can develop a strategy for achieving your goals in both of these important divorce issues.
To arrange an initial consultation about the division of marital assets in a Rhode Island divorce, please call the Family Law Center at (401) 849-9950 or contact us online.
Our property division attorneys represent divorce clients in Newport, Middletown, Portsmouth, Bristol, Jamestown and throughout Rhode Island.
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