When a couple pursues a divorce or separation, the court must rule on several aspects to issue the final divorce decree. Ideally, both spouses agree to settle their divorce, and it will only need the signature of a judge. If not, the divorce will proceed to trial, and the judge will determine the issues in your divorce.
One of the most highly charged issues is that of asset division. It is crucial that you have a family law attorney in Maine by your side when negotiating a settlement for property division.
If you do not, you could risk losing many assets. The loss of such assets could impact your life substantially both now and in the future.
Non-marital property is property that was owned by one spouse before the marriage took place. In some cases, it can also be gifts or inheritances received by one spouse during the marriage.
Non-marital property can include property written explicitly into a prenuptial agreement. Non-marital property also comprises assets that were acquired:
Sometimes differentiating between marital and non-marital property is not as straightforward as it may seem. Some property can be part marital property and part non-marital property.
For example, owning houses separately prior to the marriage and then continuing to own the home during the marriage. Factors such as if home improvements were made during the marriage or if the home has a mortgage should also be considered.
Other types of assets that will need to be defined as marital or non-marital property include:
Generally, separate property is not divided in Maine. Some states use the standard of community property when a couple gets divorced. In community property states, assets are allocated between both spouses as equal as possible.
However, Maine uses the premise of equitable distribution. In this state, the first step in asset division is determining marital vs. non-marital property. The marital property will be subject to an equal distribution in a divorce.
In contrast, separate property will remain with its rightful owner.
Divorce often comes with a lot of worries and uncertainties, such as what will happen to your assets, or you will be entitled to the family home.
The lawyers at The Maine Divorce Group understand how stressful and confusing this time in your life can be. We may not be able to change your circumstances.
However, we can help you understand the legalities of how your assets must be handled in a divorce. Our lawyers are dedicated to achieving the best outcome possible in your divorce case.
Contact us by phone at (207) 618-6220 or directly online today to schedule a meeting with one of our qualified family law attorneys.
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The attorneys at The Maine Divorce Group understand how emotional and complex the divorce process can be and we are here to help.
Call to speak with a member of our team today, who can discuss your case and set up a consultation with one of our attorneys.
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