Property Division Laws Delaware
In Delaware, there is always the chance of a marriage ending. It is uncomfortable, at best, for everyone involved and there are several legal processes you may have to go through before the divorce is final. One of these legal processes is the division of marital assets and debts. The assets can include finances, cash, appreciating assets such as stocks, bonds, 401k funds, retirement plans and physical assets such as furniture, automobiles and properties. If you are considering separating or filing for divorce and have concerns regarding division of marital assets and debts it is in your best interest to consult with a Delaware Property Division Attorney.
Call me, Wilmington Delaware Property Division Lawyer Michael S. Corrigan. My office can be contacted at 302-455-1212. You can also email Delaware Property Division Lawyer Michael S. Corrigan here. At the Newark, Delaware Family Law Office of Michael S. Corrigan I make protecting your interests my number one priority. Call me today to arrange a free initial consultation.
Division Of Marital Property Laws In Delaware
The state of Delaware is an equitable distribution state. That does not mean that all property, financial and physical assets are divided 50-50 between the 2 parties however. There are a number of factors involved when determining what marital assets will go to which party during a Delaware divorce. Some of these factors revolve around a spouse deferring their career, and ultimately their earning potential, so they can raise the child or children. In dividing marital assets in Delaware it is also important to fairly and accurately determine true value of assets.
Commonly Divided Assets In A Delaware Divorce
- The Marital Home
- Vacation Homes
- Rental Properties
- Bank Accounts
Generally, all assets that were acquired during the marriage are considered marital assets and subject to being divided. And any asset owned by either spouse prior to the marriage is deemed separate property and not subject to division in a Delaware divorce. The Cooper formula is typically used to divide pensions and other non-liquid funds in Delaware. I will use the Cooper Formula to devise the most favorable qualified domestic relations order (QDRO) on your behalf to maximize the benefit you obtain from your former spouses retirement funds. It is my number one duty to make sure you get the full and fair amount of property and marital assets while making sure you do not unnecessarily relinquish your share of any property or assets.
Contact A New Castle County Property Division Lawyer
Please feel free to call my office at 302-455-1212 regarding protecting your interests regarding your Delaware divorce. Not only do I fight for your rights but I will also enlist the aid of independent, third party appraisers if necessary to help determine the true value of any assets, property and businesses.
I routinely and competently handle Delaware divorce, child support, alimony, property division and all other types of domestic law cases in: Wilmington, Newark, New Castle, Christiana, Greenville, Pike Creek, Hockessin, Claymont, Newport, Stanton, Bear, Glasgow, Middletown, Odessa, Townsend, Smyrna and Dover, Delaware.