Equitable Division of Property and Debts
The parties may enter into a Property Settlement Agreement or a Marital Dissolution Agreement to distribute the assets and debts acquired during the marriage. If the parties cannot reach an agreement, the court will make an "equitable" division of the marital property and debts at trial.
"Equitable" does not necessarily mean 50/50. The court's decision will be based on the circumstances of the marriage and the parties and the decision will be what the court believes to be fair based upon the evidence.
Generally property owned and paid for before the marriage or received as a gift to one party or by inheritance is separate property. Usually only the marital property is divided by the court. Usually each party can keep his or her own separate property.
Last updated on: December 30, 2009
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