Divorce is a complex and emotionally charged process, which can become even more complicated when it comes to dividing property. In New Hampshire, equitable distribution applies to the division of assets in a divorce. This means that property is divided fairly but not necessarily equally.
One important issue that often arises in divorce proceedings is how property that was acquired through inheritance or gift during the marriage is treated. In this article, we will discuss how such property is divided in a New Hampshire divorce.
What is considered "marital property" in New Hampshire?
In New Hampshire, marital property is defined as all property acquired by either spouse during the marriage, regardless of how it is titled or whose name is on the property. This includes not only assets such as real estate, bank accounts, and personal property, but also debts and other liabilities.
How is inheritance and gifts treated in a New Hampshire divorce?
Inheritance and gifts are generally considered separate property in New Hampshire. This means that if you inherited property or received a gift during the marriage, and you kept the asset separate from your marital property, it may remain your separate property even in the event of a divorce.
However, if you commingled the inheritance or gift with your marital property, or used the money to purchase joint assets, it may become marital property subject to division in a divorce.
How is the value of separate property determined?
If an inheritance or gift does become subject to division in a divorce, the value of that property will need to be determined. In most cases, the valuation will be the fair market value at the time of the divorce.
It is important to keep in mind that if the separate property appreciated during the marriage, some of that appreciation may be considered marital property. This is known as "active appreciation", which occurs when the increase in value is due in part to the efforts of either spouse during the marriage.
What factors are considered in the division of property in a New Hampshire divorce?
When it comes to dividing property in a New Hampshire divorce, the court considers a number of factors to determine what is fair and equitable. Some of the factors that may be considered include:
- Each spouse’s contribution to the acquisition, preservation, or appreciation of the property.
- The duration of the marriage.
- Each spouse’s age, health, and income.
- The value of each spouse’s separate property.
- The needs of each spouse.
It is important to note that even if an asset is considered separate property, the court may still consider it in the overall division of property to ensure that the division is fair and equitable.
Conclusion
The division of property in a divorce can be a complex process, especially when it comes to assets that were acquired through inheritance or gift during the marriage. If you are going through a divorce in New Hampshire and have questions about property division, it is important to consult with an experienced family law attorney who can help guide you through the process.