Division of Marital Assets and Debts

With some specific exceptions, all assets and/or debts obtained by either party during the marriage are classified as marital and, as such, is subject to a division in the divorce proceeding. How to divide up marital assets and debts is, without a doubt, the area where most of the effort in negotiation and/or litigation takes place. Unfortunately, there are no set formulas which apply for this determination and the possible solutions to some are endless. The parties’ individual goals, each judge’s personal opinions and interpretation of the applicable law, the number and ages of children and the parties’ income levels are but a few of the many important factors which are considered when dividing up marital assets and debts.