Sentences with phrase «spouse other marital assets»

Giving the spouse other marital assets to balance out the distribution is another option.

Not exact matches

However, they are unusual in Greece, since the default marital regime is that of separation of assets (although a spouse that has contributed to an increase in the other spouse's property is entitled to a share of the increase).

In the case of an elderly couple of modest means where one spouse needed immediate 24 - hour care and the other spouse remained in the marital home, through the use of court orders and other techniques, able to preserve the marital assets for the spouse who remained in the marital home and obtain benefits for the spouse in the nursing home.

Since the courts often award the business to the business - owner - spouse, the other spouse is awarded with other marital assets of roughly equal value to that of the business.

In other words, a marital asset of value may be awarded to a spouse who is seeking maintenance.

Spousal support, a lump - sum payment or a greater portion of other marital assets may be given to one spouse in exchange for his or her share of the business.

Ideally, you and your spouse will decide together how you want to divide the marital property — you'll have to decide things like whether one of you will keep the family home and buy out the other spouse's interest or whether you'll sell the house; who will keep the furniture and other tangible property; how you'll divide retirement assets that each of you has accrued through your work; and how to deal with marital debts.

Either spouse's contributions to enhancing the value of marital assets or of the non-marital assets of the other spouse.

In a divorce, we understand that the spouse whom we represent will have important questions: what will happen to the marital property, will alimony or spousal support be awarded (and if so, how is this determined), what will happen to our house, vehicles, and other significant assets, who will be entitled to live in the current residence, and how will custody matters be determined?

Assets owned by respective spouses before marriage are not considered marital property by New York courts; neither are gifts, inheritances or tort compensations for pain and suffering that were received by one spouse but not the other.

If a case is highly contested, and / or one spouse has a history, for example, of hiding or dissipating marital assets, subpoenas of bank accounts and other financial statements can be obtained to help the court determine an award of equitable distribution when one spouse refuses to provide documentation evidencing same, or if the court or your divorce lawyers in Brooklyn have reason to believe that your spouse is not being entirely truthful in his or her disclosure of these assets.

The marital separation agreement often includes decisions such as the division of property and other assets, alimony or maintenance payments, debt division, and which spouse is allowed to live in the family home.

In other words, the fact that your spouse had an affair is not going to affect how your property is divided, but if your spouse spent significant marital assets on the affair, then it may have an effect.

If one spouse causes a loss of marital property during or after the breakdown of the marriage, called a dissipation of marital assets, the court may give the other spouse a larger portion of marital assets since there are fewer marital assets to distribute because of the loss.

The key to uncontested divorce is that both spouses must be in agreement about the terms and conditions of the divorce, including child custody and visitation; child support, health and dental insurance, and medical expenses for the children; tax deductions and exemptions; division of the marital assets and debts; alimony; any other dispute involving the marriage; and lastly, the grounds for the divorce.

Marital assets, on the other hand, are divided between spouses.

If separate property is commingled with marital property, the judge may give the spouse claiming the property is separate property an opportunity to trace the assets, either separate or marital, used to acquire the property through an examination of bank records and other helpful resources.

Spouses will need to bring current statements of all marital assets and debts, as well as copies of tax returns for the previous three years, paystubs, W - 2's, any appraisals of properties or businesses, as well as other specific items.

A divorce is uncontested if both spouses agree to the divorce and are in complete agreement about dividing the marital property (which includes assets and debts), the custody and support for any children, and whether one spouse pays alimony to the other.

In other words, a portion of the marital assets can be distributed to both spouses in the interim period while divorce proceedings are in effect.

A pre-marital asset may become a marital asset if the other spouse's name is added to the property's title or asset's account.

Connecticut courts also consider the contributions each spouse made to the value of the marital assets and whether one spouse worked to put the other through school.

Under Ohio law, the court can award a share of one spouse's separate property to the other spouse if he squandered or wasted marital assets or spent them on something other than the marriage.

Another is one spouse buying out the other often by trading the equity (net value after the mortgage loan balance but not usually a real estate commission is calculated in) in the home against the value of other marital assets that the other spouse wishes to keep.

In divorce and child custody cases, the contested issues vary depending on the parties» unique circumstances, but generally they concern with whom the children will reside (physical custody), who will make decisions concerning their religious and educational upbringing, medical care and treatment, and extracurricular activities (legal custody), how the assets and debts of the parties will be divided (equitable division of the marital property), and what kind of spousal support, if any, is to be paid by one party for the support of the other spouse.

It also helps to avoid taking divorces such as these into open court, where there is no predicting the way in which a judge might rule on the division of marital assets or any financial obligations one or the other spouses may be required to meet.

In making an equitable apportionment of marital property, the family court must give weight in such proportion as it finds appropriate to all of the following factors: (1) the duration of the marriage along with the ages of the parties at the time of the marriage and at the time of the divorce; (2) marital misconduct or fault of either or both parties, if the misconduct affects or has affected the economic circumstances of the parties or contributed to the breakup of the marriage; (3) the value of the marital property and the contribution of each spouse to the acquisition, preservation, depreciation, or appreciation in value of the marital property, including the contribution of the spouse as homemaker; (4) the income of each spouse, the earning potential of each spouse, and the opportunity for future acquisition of capital assets; (5) the health, both physical and emotional, of each spouse; (6) either spouse's need for additional training or education in order to achieve that spouse's income potential; (7) the non marital property of each spouse; (8) the existence or nonexistence of vested retirement benefits for each or either spouse; (9) whether separate maintenance or alimony has been awarded; (10) the desirability of awarding the family home as part of equitable distribution or the right to live therein for reasonable periods to the spouse having custody of any children; (11) the tax consequences to each or either party as a result of equitable apportionment; (12) the existence and extent of any prior support obligations; (13) liens and any other encumbrances upon the marital property and any other existing debts; (14) child custody arrangements and obligations at the time of the entry of the order; and (15) such other relevant factors as the trial court shall expressly enumerate in its order.