Maine Child Custody Attorney Robert H. Prince takes care to provide his clients with high-quality services personalized for their unique needs. He is available for professional, courteous, and efficient consultation, Monday through Saturday.
Maine Asset and Debt Distribution Attorney
No couple ever wants to go through a divorce, but, unfortunately, sometimes there just isn’t a better option. When getting divorced, a critical aspect to consider is the division of assets and debt. Maine law states that the division of assets and debt must be “equitable,” meaning that the divorcing couple should split their financial matters fairly (not necessarily equally).
If going through a divorce, you should consider contacting a Maine divorce attorney experienced in asset and debt distribution. We at the Law Office of Attorney Robert H. Prince will work with you through this difficult time, providing expert legal counsel and representation with the goal of protecting your rights and property. To speak with Robert H. Prince about the divorce and how we can guide you through this process, contact our law office today at (603) 401-0409.
Difference Between Marital Property and Separate Property
Maine divorce law states that the division of assets and debts must be fair; it doesn’t necessarily have to be a 50/50 split of property. Moreover, the law also defines what is “marital property” and “separate property.”
Marital property, on one hand, includes most of the assets and debt that the couple acquires during the marriage. Separate property, on the other hand, involves property acquired before marriage or acquired through inheritance or gifts.
Keep in mind that this division between “marital” and “separate” is incredibly complex. For example, if marital property increased in value due to market forces, that increase in value may be considered separate property. At the same time, an increase in value can be considered “marital property” if the increase resulted from an investment of marital funds or property. Additionally, spouses often convert separate property into marital property, and vice versa.
Dividing Marital Property in Maine
During the divorce process, whether divorcing with or without children, a division of assets and debts is almost always a discussed issue. With some divorcing couples, this division can be friendly and quick. In other divorce cases, the division results in a lengthy, emotionally heated battle.
If a couple cannot decide on how to distribute assets and debt, they must leave the decision to Maine family courts. When deciding upon the division of assets and debt, a Maine judge may look at the following criteria:
- The value of the property that’ll be set aside for each spouse
- How much each spouse contributed to the acquisition of marital property (this includes contributions as a homemaker)
- The economic circumstances of each spouse. Often, if the divorcing parents have children, the parent with physical custody is heavily considered.
Contact Maine Divorce Attorney Robert H. Prince Today
Divorce is often a messy affair, although in some Maine divorce cases, the process of asset and debt distribution can go smoothly. With the help of Maine divorce attorney Robert H. Prince, our goal is to make this proceeding a smooth and cost-effective affair, allowing you and your t0-be-ex to go your separate ways without the burden of continued strife. If necessary, we will also diligently represent your interests and protect your rights and property.
For a free consultation with Maine attorney Robert H. Prince, call our law office at 617-721-9141 or 603-401-0409 today.