Going through a divorce can feel emotional and overwhelming, especially when dividing your property. Who decides what goes where? How do you ensure a fair outcome?
In this blog, we’ll explain the essentials of property division, helping you understand the process and what steps you can take. Whether you’re just starting the divorce journey or deep in the midst of it, we’re here to make sure you’re informed.
How courts make decisions in property division
In Vermont, the court aims to divide marital property equitably. However, you and your spouse are in the best position to determine what’s fair. So, it is crucial to attempt and agree on dividing your marital assets.
It’s best to agree on personal possessions, like vehicles, furniture, photos and appliances. Some couples take a practical approach by making a list of items and taking turns choosing. Unfortunately, this method might not work for larger assets like bank accounts or retirement funds, but it can ease the process for smaller items.
If you cannot reach an agreement, a judge will intervene to distribute the marital assets. Notably, the division of property is not always a straightforward 50/50 allocation between the two spouses. The court considers various factors, such as:
- The length of the marriage
- The age and health of both parties
- Each spouse’s income and job situation
- Contributions to each other’s education or earning potential
- The value and needs of each party’s assets and liabilities
The judge will carefully consider these factors in the context of your specific situation to make a just and equitable decision. For instance, if you made a more significant contribution to the overall value of the marital assets, you may receive a larger proportion of the property.
What are your options?
Remember, any agreements you make can help streamline contested hearings, allowing you to focus on more urgent issues. It’s also important to note that once you finalize your divorce, you cannot change how you distribute marital assets. Modifications are allowed only in unusual circumstances, such as fraud.
