• Since divorce is a stressful time that creates a great of deal of uncertainty about the future, the attorneys at the Law Firm of Treuhaft & Zakarin take the time needed to ensure you’re informed about the financial consequences involved. We also explain how any outstanding debt on credit cards or loans figure into the division of marital assets and what can be done to protect you from being saddled with debt that isn’t truly yours.
  • With a few exceptions, assets acquired during the course of a marriage are subject to an “equitable division” upon divorce. This includes assets such as equity in a home, pension funds, bank accounts, automobiles, and investment portfolios, irrespective of whose name the asset is in.
  • What Property is Subject to Division in a Divorce?
  • In general terms, with a few exceptions, any assets you or your spouse have acquired during the course of your marriage up until the day you file for divorce may be subject to division. It does not matter whose name the asset is in. If it’s acquired during the marriage, it’s “marital” and subject to division. These could include any of the following:
  • Equity in a home
  • Pension fund
  • 401k
  • Retirement savings
  • Savings account
  • Stock portfolio
  • Automobiles
  • Real estate investments
  • Closely held business
  • Professional licenses
  • Educational degrees
  • What does “Equitable Division” Mean?
  • “Equitable distribution” does not mean a 50/50 split.  It refers to what the court believes is a “fair distribution” of marital assets, given the circumstances including but not limited to the duration of the marriage, earning potential, and future earning capability, as well as the health, age, and income of the parties involved.
  • What if I want to keep the House?

 

When couples are willing to enter into negotiation, both sides have a better chance of avoiding a divorce settlement they’ll regret for the rest of their lives. If your divorce goes to court, a judge could impose terms on you that neither of you would want. In negotiation, however, you’re in control of your own fate. You can propose and arrive at terms mutually agreeable to both of you. That means you can reach a compromise on the division of marital assets as well. For example, if your spouse wants to keep the family home, you can sign it over to him or her in exchange for your pension being excluded from divisible marital assets. Or, if you own property in the Poconos, you can agree to give the cabin to your spouse in exchange for other marital assets of value to you.