Separation of Marital Assets
It is essential that couples understand how property is divided during a divorce. In Rhode Island, property is divided by a system of “Equitable Distribution.” In court, the division of assets must be “equitable,” or fair and just, which does not necessarily mean equal.
Marital and Separate Property
Before any property can be divided, it must first be determined whether the property is separate or marital property. Only marital property is subject to equitable distribution.
Marital property includes all assets acquired after the date of the marriage. Whose name is on the asset is irrelevant. All property acquired during the marriage is considered marital property and subject to equitable distribution.
Marital property subject to equitable distribution includes:
- Any asset or property acquired after the date of the wedding
- Debt acquired during the marriage
Separate property includes all assets that each person had or owned before the wedding. Property that an individual possesses before the date of the wedding belongs to the original individual as separate property.
Separate property NOT subject to equitable distribution includes:
- Anything inherited by a spouse during the marriage
- Anything received individually as a gift (from someone other than their spouse)
- A personal injury reward
There are exceptions to these exclusions, however, which would make property that is normally separate, marital. Thus, it is important to have legal representation when tackling the division of property. At The Law Office of Janet J. Goldman, we are prepared to help you handle equitable distribution matters.
Anonymous, September, 2019
I came to Attorney Janet Goldman after being recommended by a friend and checking out her website. She was kind and patient throughout the entire process. After the first consultation I felt so relieved after talking to her. I was a wreck thinking I would lose my house and she kept me calm and explained my options. She is thorough, particular and prepared every step of the way. She and her entire staff were knowledgeable and answered all of my many questions in a way that I could understand. The hearing wasn’t so daunting because she talked me through it beforehand and was so prepared. She even helped me afterward when I got into a car accident. Would highly recommend to anyone.
Contact us at 401-785-2300 today to arrange a free initial consultation.