When A Marriage Fails: Property Division



AFter an action for divorce has been filed, either party may apply to the court for a division of marital property called "equitable distribution." Generally, all items of property acquired by the husband and wife during their marriage are considered marital property and are divided. These items may include real estate, cars, bank accounts, furniture, ownership interests in a business or professional practice, vested pension rights, adn retirement plans.

Some items of property cannot be divided by a judge. For example, property acquired before the marriage, or by gift or inheritance during the marriage, is generally considered separate property and is exempt from the division.

The law presumes that the marital property should be split evenly between the parties on the net value of each item. However, under some circumstances, the court may award a larger share of the property to one spouse. For instance, the wife may be awarded the house and car if she has custody of the minor children and needs these items for their care. Before making an award that divides the property, the judge must look into all the facts, such as tax consequences, contributions of each party to the marriage, child custody, separate property, and alimony.