What you need to know when dividing marital assets.

In an action for divorce in Delaware, a party may request the Court to equitably divide all marital property and allocate marital debts.  In order to accomplish the division of marital assets, the Court relies upon the law, specifically 13 Del. C. §1513.

Section 1513 provides:

(a) In a proceeding for divorce or annulment, the Court shall, upon request of either party, equitably divide, distribute and assign the  marital property between the parties WITHOUT REGARD TO MARTIAL MISCONDUCT, in such proportions as the Court deems just after considering all relevant factors including:

1. The length of marriage;
2. Any prior marriage of the party;
3. The age, health, station, amount and sources of income, vocational skills, employ-ability, estate, liabilities and needs of each of the parties;
4. Whether the property award is in lieu of or in addition to alimony;
5. The opportunity of each for future acquisitions of capital assets and income;
6. The contribution or dissipation of each party in the acquisition, preservation, depreciation or appreciation of the marital property, including the contribution of a party as homemaker, husband or wife;
7. The value of the property set apart to each party;
8. The economic circumstances of each party at the time the division of property is to become effective, including the desirability of awarding the family home or the right to live therein for reasonable periods to the party with whom any children of the marriage will live;
9. Whether the property was acquired by gift, except those gifts excluded by paragraph (b)(1) of this section;
10. The debts of the parties; and
11. Tax consequences.

Please keep in mind these are only considerations that the Court will use to assess the percentage of property division to each party after a hearing, presenting testimony and evidence, etc.

There is a Pretrial Stipulation (Rule 52(d)) form that is used to help determine these factors.

Article provided by Tabatha Castro, The Castro Firm

The Castro Firm, Inc.
1719 Delaware Avenue
Wilmington, DE 19806
Phone (302) 225.5700
Fax (302) 225.5702
tabatha@thecastrofirm.com
http://www.TheCastroFirm.com