When a couple decides to get a divorce, one of the first things that needs to be determined is how their property will be divided. In Delaware, property can be classified as either marital or separate. But how do we determine what is marital property and what is separate property? In this article, we will discuss the laws and guidelines that govern property division during a divorce in Delaware.
Marital Property vs. Separate Property
Marital property is any property that was acquired during the marriage by either spouse, regardless of whose name is on the title or deed. This can include assets such as:
- Family home
- Cars
- Bank accounts
- Retirement accounts
- Pension plans
- Business interests
- Stocks and investments
- Household items and furnishings
- Jewelry and personal property
On the other hand, separate property is any property that was acquired by either spouse before the marriage, as well as any property that was obtained during the marriage as a gift or inheritance to one spouse alone. This can include assets such as:
- Property owned before marriage
- Inheritances received during the marriage
- Gifts given solely to one spouse
- Any income earned from separate property, such as rent or interest
Equitable Distribution
In Delaware, property is divided according to the principle of equitable distribution, which means that property is divided fairly but not necessarily equally. The court will consider a variety of factors when determining how to divide property, including:
- The length of the marriage
- The age and health of each spouse
- The income and earning potential of each spouse
- The standard of living established during the marriage
- The contributions of each spouse to the marriage, both financial and non-financial
- Any prenuptial or postnuptial agreements
- Any debts or liabilities of the marriage
Tracing Separate Property
In cases where separate property has been commingled with marital property, it may be necessary to trace the separate property in order to determine how it should be divided. This can be a complex process and may require the assistance of a financial expert such as a forensic accountant. The court will consider factors such as:
- The intent of the spouse who owned the separate property
- Whether the separate property was used for joint purposes
- Whether the separate property was transferred into joint ownership
- Whether the separate property was used to improve marital property
Conclusion
Dividing property in a divorce can be a challenging and emotionally charged process. It’s important to work with an experienced family law attorney who can guide you through the process and ensure that your interests are protected. If you are facing a divorce in Delaware and have questions about property division, contact a family law attorney today.