Assets/Debts that are acquired after the date of marriage are subject to distribution.
Jointly acquired assets and debts are equitably distributed at the time of a Final Order. Joint assets and debts are those acquired during the marriage. The name on the asset or debt does not determine ownership; it is the date of acquisition and the source of the funds.
Equitable distribution does not mean splitting the asset but rather obtaining an estimated or appraised value of the asset minus the debt to be used in a balance sheet. The party awarded the asset should also be awarded the debt associated with the asset. Determining the asset, source of funds to obtain the asset, debt on the asset and appraised value requires the skills of an experienced family lawyer.
Seperate Property During Marriage
Property acquired during the marriage from inheritance or increases from separate (prior to marriage) assets are usually not distributed at the time of the Final Order. The exception occurs when the parties have 'commingled' their separate property. Gifts received from family, friends and from the parties are not subject to equitable distribution.
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