Marital Property Distribution

 

        c. The term " marital property" shall mean all property acquired by either or both spouses during the marriage and before the execution of a separation agreement or the commencement of a matrimonial action, regardless of the form in which title is held, except as otherwise provided in agreement pursuant to subdivision three of this part. Marital property shall not include separate property as herein-after defined.

        d. The term separate property shall mean:

        (1) property acquired before marriage of property acquired by bequest, devise, or descent, or gift from a party other than the spouse;

        (2) compensation for personal injuries;

Parties may enter into an agreement on there own to the division of marital assets or if no agreement can be reached the court will decide. In making an award of equitable distribution of the marital assets the court will take into consideration the following factors;

        a. The income of each party at the time of the marriage and at the time of the commencement of the divorce.

        b. The duration of the marriage and the age and health of both parties.

        c. the need of the custodial parent to occupy or won the marital residence and to use or own its household effects.

        d. the loss of inheritance and pension rights upon dissolution of the marriage as of the date of dissolution.

        e. any award of maintenance under subdivision 6 of this part.

        h. any equitable claim to, interest in, or direct or indirect contribution made to the acquisition of such marital property by the party not having title, including joint efforts or expenditures and contributions and services as a spouse, parent, wage earner and homemaker, and to the career of career potential of the other party;

        i. the liquid or non-liquid character of all marital property;

        j. the probable future financial circumstances of each party;

        k. the impossibility or difficulty of evaluating any component asset or any interest in a business, corporation or profession, and the economic desirability of retaining such asset or interest intact and free from any claim or interference by the other party;

        l. the tax consequences to each party;

        m. the wasteful dissipation of assets by either spouse;

        n. any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration.

        o. any other factor which the court shall expressly find to be just and proper. (this has been specifically held to include fault and marital misconduct)

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