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What factors are considered with equitable property division?

| Dec 23, 2019 | Divorce |

In a North Dakota divorce, it is common for there to be issues in dispute. Often, this centers around spousal support and child support. One factor that frequently arises at the end of a marriage, however, is property division. This can include the marital home, motor vehicles, a business, items of sentimental value, collectibles, retirement accounts, bank accounts, and more. With these concerns, having legal assistance might be important.

People should understand the factors that are considered with equitable distribution of property. The following will be analyzed as part of the proceeding: how old the spouses are; what their earning ability is based on education and experience; how long the marriage lasted and how the spouses behaved while they were married; their station in life; what the situation is and the needs of each of the spouses; what their health and physical situation is at the time of the divorce; and the financial circumstances with the property at the time of the divorce.

Other considerations will include how much income can be accrued by the property at the time of the divorce; if there was property that was acquired prior to the marriage or after the couple was married; and other factors that could be viewed as important to make a fair decision in the case. These issues will be more prominent if the spouses are not in agreement on how to split the property. If possible, an amicable negotiation will be better than an outright dispute where the court needs to decide on property division. The court will look at the case if there is a settlement to decide if it is fair or if there was a mistake, if the agreement was made under duress, there was menace, fraud or undue influence was applied.

Equitable distribution is meant to have a fair split of the property. These cases can be complex and the spouses could have different arguments regarding how the property should be distributed. Whether the case is relatively amicable or seems to have endless dispute, it can be useful to have legal assistance to reach a fair divorce resolution.

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