Marital Property & Debt
The court determines a fair and equitable distribution of the marital property and debts. Equitable does not necessarily mean 50/50 but that is the starting point. What ultimately is equitable depends upon each particular situation.
Determining marital property is case specific and can require great analysis. Following are the general rules of thumb for determining marital property: Marital property is essentially all property accumulated during the marriage, unless it came to you or your spouse by inheritance or gift. Any property put into both names is considered marital. Marital debt is debt acquired by either party, or both, during the course of the marriage.
Retirement accounts accumulated during the marriage are also marital property. Whether your share of your spouse’s retirement accounts are immediately available to you depends on what type of retirement plan it is.
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