Property Division Factors in a Maine Divorce

Property Division, Classification, & Valuation in a Maine Divorce

Property division is one area of divorce that confuses many individuals. Many couples do not know how Maine divides property in a divorce or how the court determines whom to award what property to. The lack of this knowledge can cause anxiety and sleepless nights. At The Maine Divorce Group, our priority is to give you the information that you need to make informed decisions. Having this information can help decrease your anxiety and improve your plans for moving forward. 

Classifying Property in a Divorce

The classification of property in a divorce has vast implications on which spouse receives what property. It is crucial that your property is appropriately classified so that you can keep what is yours, or classified as non- marital property, and that you can receive what is equitable under the law. Generally speaking, marital property is property that was acquired after the legal marriage took place. Non-marital property is property that:

• Was received by one spouse as a gift or an inheritance after the marriage
• Was acquired after the issuance of a decree of legal separation
• Grew from a rise in the value of a separate asset of one spouse
• Was bought with proceeds from property owned before the marriage, or a gift or inheritance
• Any other property acquired prior to the marriage

Usually, in a divorce, the court will set aside any separate property that each spouse owns and focus on the marital property.

Property Valuation

Once the determination is made about which property is marital and which is not, the marital property will need to receive a valuation. Under the law, marital property in Maine must be as fairly and equitably divided as possible. In many cases, this cannot be achieved without first obtaining a valuation. A valuation is often needed when there is real estate, retirement or investment accounts, or a business involved in the divorce.

Division of Marital Property in Maine

Once the property has been classified, and the marital property has received a valuation, the division of property can occur. They then divide the marital property based on the following standards:

• The role of each spouse in the attainment of the marital property, including the role of the homemaking spouse
• The value of the assets apart of each spouse
• The financial state of each spouse at the time the property division is to start
• The appeal of awarding the family home or the right to live in the home for reasonable periods to the spouse having custody of the children

Speak with a Property Division Attorney at The Maine Divorce Group

If your marriage involves multiple assets, high assets, or complex issues with assets, you need to hire an experienced attorney from The Maine Divorce Group. When it comes to property division in a divorce, you have a lot to lose. Your future will be impacted substantially if you do not fight for what is yours. Don’t take your chances. Instead, work with a lawyer who will strive to make sure that your property is appropriately classified, valued, and divided. Contact us today to receive your divorce consultation.