Divorce can be a complicated and emotionally challenging process, especially when assets and property are involved. In New Hampshire, the division of marital property is based on equitable distribution. This means that property is divided fairly but not necessarily equally. To help you understand how this process works, this article will cover the main factors involved in the division of marital property in New Hampshire.
What is Marital Property?
Before discussing how marital property is divided, it is important to define what is considered marital property. In New Hampshire, marital property includes any assets or property acquired by either spouse during the marriage. This can include, but is not limited to:
- Real estate
- Vehicles
- Bank accounts
- Retirement accounts
- Investments
- Business assets
- Personal property
It is important to note that marital property does not include any property or assets that were owned by either spouse prior to the marriage or were acquired by one spouse through inheritance or gift during the marriage.
Equitable Distribution
As mentioned earlier, New Hampshire follows the principle of equitable distribution when dividing marital property during a divorce. Equitable distribution means that property is divided fairly based on a variety of factors. It does not necessarily mean that property will be split equally between the spouses.
Factors Considered in the Division of Marital Property
When deciding how to divide marital property, the court will consider a variety of factors including:
1. Length of the Marriage
The length of the marriage is an important factor in the division of marital property. Generally, longer marriages result in more equal property division than shorter marriages.
2. Each Spouse’s Contribution to the Marriage
The court will consider each spouse’s contribution to the marriage, including both financial and non-financial contributions. Financial contributions include things like income and savings, while non-financial contributions may include things like child care or homemaking.
3. Each Spouse’s Earning Potential
The court may also consider each spouse’s earning potential when dividing marital property. If one spouse has significantly higher earning potential than the other, they may be entitled to a larger share of the marital property to help account for that discrepancy.
4. The Needs of Each Spouse
The court will also consider the individual needs of each spouse when dividing marital property. This may include things like child custody arrangements and financial support.
5. Future Income and Financial Circumstances
Finally, the court may consider each spouse’s future financial circumstances when dividing marital property. This may include things like retirement plans or potential future income.
Property Settlement Agreements
In some cases, divorcing couples may choose to create a property settlement agreement outside of court. This agreement sets out how marital property should be divided, and can be a good option for couples who wish to maintain control over the outcome of their divorce.
If you are considering a property settlement agreement, it is important to work with an experienced divorce attorney who can help ensure that your rights and interests are protected.
Conclusion
Divorce can be a challenging and complex process, particularly when assets and property are involved. In New Hampshire, the division of marital property is based on equitable distribution, and the court will consider a variety of factors when deciding how to divide property between spouses. If you are considering a divorce, it is important to work with an experienced attorney who can provide guidance and support throughout the process.