After a couple has spent years building a life together, dividing the assets they have acquired can be a particularly stressful aspect of divorce. Many divorcing people wonder how property division will impact their finances as they enter the next chapter of their lives. Protecting their future financial health begins with understanding how Delaware courts divide property and assets.
What property will the court divide in divorce?
When dividing property, the court considers martial, premarital and inherited property. Premarital and inherited assets can be excluded from division based upon the facts of the case and how the assets were maintained during the marriage.
Marital property typically includes any money, assets or debt acquired during a marriage, regardless of the name on the title or account. It may also include property that might otherwise be considered separate but mixed with the marital property through commingling.
How will the court divide that property?
Delaware courts divide property according to what is equitable to both parties, rather than strictly equal. The court’s decision can include a variety of different factors, including:
- The duration of the marriage
- Contributions each spouse has made to the marriage, including non-monetary contributions like time away from the workforce to raise children
- Each spouse’s age and health
- Each spouse’s vocational skills or training, potential income and ability to work
- Whether either spouse will inherit assets in the future
Because the court divides property according to each couple’s unique circumstances, divorcing people can create a legal strategy based on their unique needs. Through carefully crafted strategy and experienced guidance, many people are able to protect what matters most to them throughout the divorce process.