Basics of Property Division
After you’ve decided to divorce your spouse, one of the big issues you will run into is property division. Determining who gets to keep what after the divorce is finalized can be difficult and emotional, especially if you cannot agree to anything prior to a court hearing. One thing that can help you as you enter the process is to have an understanding of property division in Rhode Island.
Equitable Distribution
Rhode Island is an equitable distribution state. This means that each person in a divorce essentially is entitled to a fair share of assets when the divorce is finalized. While no law in Rhode Island suggests that equitable distribution means dividing property on a 50-50 basis, there have been many instances where the court will split marital assets equally.
Types of Property
Rhode Island judges will typically divide what is known in the state as community property. This type of property refers to any and all assets that were acquired by the couple during the length of the marriage. Examples of community property would be money in a joint bank account.
Anything acquired by a party prior to marriage and kept separate from the spouse during the marriage is known as separate property. This type of premarital property is typically not divided during a divorce. An example of separate property would be a gift or inheritance not subsequently placed in the name of the spouse.
Determining property type during a divorce is often the more difficult topic to address. It can be common for each party to stake a claim to the same asset, so it is up to the judge to hear arguments and make appropriate determinations.
What About The House?
It is very common for both spouses to pour money into a home, which, in turn, gives each spouse a financial interest in the home. Decisions must be made on what is happening with the home, such as if it will be sold or if one party will be living in it after the divorce.
Regardless of this decision, additional home factors to consider are mortgage payments and what offset will be given a spouse not remaining in the home.
The Value of a Rhode Island Attorney
You will want to have an attorney that aggressively fights for you throughout the process and will zealously argue for your assets on your behalf. At Assalone Lombardi, LLC, our team is skilled in fighting for our clients and is committed to working hard for what you have earned.
If you’re going through a divorce and are concerned about your property, don’t delay in contacting a Rhode Island attorney. Call (401) 589-5599 today or visit us online to schedule your consultation.