When going through a divorce, your location in the country should be taken into consideration. All states in the U.S. have their own set of laws in place that dictates details such as the grounds for filing for divorce and how things such as marital assets are divided.
Therefore, before taking action to file for divorce, it’s important that you take the time to understand the laws that will apply to you. The following is an overview of the laws in place in regard to the division of marital assets in North Dakota.
Equitable distribution in North Dakota
Some states follow the legal principle of community property when it comes to dividing assets. In these states, all property that is defined as a marital assets is divided equally between divorcing spouses, regardless of the details of the marriage or the circumstances of the divorce. However, North Dakota does not follow these laws. Instead, the state follows the legal theory of equitable distribution, which means that marital assets are divided in a way that feels fair in the eyes of the divorce courts.
What is the definition of marital assets?
Marital assets constitute any type of asset that is earned by either spouse after the marriage is initiated. This means that assets acquired before the marriage will not be subject to division. All assets earned after the marriage will be subject to division with the exception of gifts, inheritance and awards from lawsuits.
What type of considerations are made by the court when deciding how to distribute assets equitably?
The courts consider many different things when they decide on how to distribute assets equitably. They will consider the length of the marriage, the contributions that each spouse made toward the marriage and the financial situation of each divorcing spouse.
If you are considering filing for a divorce in North Dakota, make sure that you understand how the law will likely affect the outcome of your situation.