Property Division Attorneys In Manchester
New Hampshire divides marital estates – the property division aspect of marriage – according to an equitable distribution model. The equitable distribution model looks at an array of issues, from the length of the marriage and your contributions to the marital estate, to determine how to divide these assets. Our property division lawyers will help you get your fair share.
At Solomon Law Firm, our divorce attorneys have worked with people across Manchester and New Hampshire in the most challenging of moments. Dividing assets and dividing debts are among the most fraught issues in family law. We’re here to provide you with guidance and advocacy.
Who Gets The House In A Divorce?
Above is the first, most asked question, but it also represents many other things in the divorce. Under equitable asset division – which takes many factors into account – the ultimate place for big-ticket assets, like houses and small businesses, is not simple. Instead, the state will look at:
- Length of the marriage
- Any kind of fault in the divorce
- Whether there were kids
- Contributions to the marriage
- Relative resources
There’s a considerable chance that the house may go through one of the following outcomes:
- Liquidation: The court may order the sale of the house to meet the financial asset division.
- Cohabitation: Both parties agree to a system in which they live together in the home, a rare challenge for many divorced couples.
- Partition: This is a complex process by which the real estate is divided into multiple plots. This is extremely rare, but it can happen.
- Negotiation: The best, most fair option is to develop an asset division agreement that accounts for all of the legal factors to give one party the home.
Whatever the eventual result of your asset division discussions, we will be with you to support your needs and desires.
How Does New Hampshire Divide Assets In A Divorce?
While some states are community property states, meaning that assets are generally divided 50-50 between spouses, New Hampshire is an equitable division state. This means the court will attempt to find a fair division of assets, which may mean it is not perfectly equal. They will consider many different factors when making this decision, such as each person’s financial situation and the length of the marriage.
For instance, if one person is a high earner with a lucrative career and the other person is a stay-at-home parent, the court may try to divide assets in a way that provides the necessary financial support to the stay-at-home parent, understanding that they have less ability to earn a living after the divorce.
What Types Of Assets Go Through Property Division?
Asset division can include a wide range of potential assets, both financial and tangible. As a general rule, direct gifts or assets that people bring to the marriage count as separate assets and do not have to be divided. But assets that they earned or acquired during the marriage count as marital assets and do need to be split. These could include:
- Business ownership
- Shares and investments
- Real estate
- Retirement accounts
- Cryptocurrency or other types of digital currency
- Art and collections
- Earnings
- Vehicles
- Home furnishings
In some cases, assets can be commingled or mixed together, changing their status. An example of this is an inheritance, which generally starts as a separate asset but can become a marital asset when mixed with other marital funds or shared with a spouse.
In some areas, things can become very complicated. Real estate property division can be complex if one person wants to keep the home but the other wants to sell it and split the proceeds. Dividing retirement assets can also be complicated and may need to be done with a qualified domestic relations order (QDRO), which can split up retirement benefits even after divorce. It is crucial to know exactly what rights you have, which is why it is so important to work with an experienced divorce attorney.
Attorneys Experienced In New Hampshire Property Division
Your divorce is a big change. It will impact your assets, debts, retirement accounts and all the property acquired during your marriage. Change is scary, but you don’t have to go through it without the help of our experienced, compassionate team. Call or send an email to get started.