Divorce Preparation Information
March 28, 2022
Thinking about Divorce?
If you are seriously thinking about divorcing your spouse, you should carefully assemble documents which show the nature and worth of your marital assets and the nature and amount of marital debts. This preparation is important because one of the functions of a dissolution of marriage (“divorce”) case is to equitably distribute between the spouses all of the marital assets and marital debts.
Marital Assets and Marital Debts are assets and debts which have come into being during the marriage and have been used as part of the marital family lifestyle and activities. Non-marital assets and debts can be assets and debts which one spouse had prior to the date of marriage, or they can be assets or debts that have come into being after the date of marriage and which come from a non-marital source, like an inheritance. If non-marital assets like inherited funds are used to pay for marital expenses, or if non-marital funds are put into a joint account or used to pay a marital debt, the non-marital asset is likely to be changed to “marital” and distributed between both spouses, in whole or in part.
 Also, an increase in value of a non-marital asset during the marriage is usually considered to be a marital asset, and the increase in value will be distributed between the parties or otherwise distributed as part of Equitable Distribution of assets and debts.
Marital Assets and Marital Debts are assets and debts which have come into being during the marriage and have been used as part of the marital family lifestyle and activities. Non-marital assets and debts can be assets and debts which one spouse had prior to the date of marriage, or they can be assets or debts that have come into being after the date of marriage and which come from a non-marital source, like an inheritance. If non-marital assets like inherited funds are used to pay for marital expenses, or if non-marital funds are put into a joint account or used to pay a marital debt, the non-marital asset is likely to be changed to “marital” and distributed between both spouses, in whole or in part.
 Also, an increase in value of a non-marital asset during the marriage is usually considered to be a marital asset, and the increase in value will be distributed between the parties or otherwise distributed as part of Equitable Distribution of assets and debts.
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