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Your personal recovery plan is a “to do” list that ensures you will take the actions needed to re-organize your financial life the right way. It connects directly with your vision and the settlement agreement you built during negotiations; it is also the last step in this long saga called divorce.
You would think some things would be simple in life. If you have been married a while it might seem obvious to you what needs to part of your marital settlement. Not so fast! There are a host of rules, and laws, that define what is considered to be “marital property” and subject to division between you and your soon-to-be ex.
After all, you got the house, more than half the assets, and the antique dining room furniture that makes you feel like you are in Paris at dinnertime. You are ready to sign on the dotted line and get on with your life. But is it really a good settlement for you? Here are five tests every good divorce settlement must pass.
How is marital debt actually divided in Rhode Island Divorce? That is a very difficult and complicated question. There is no clear answer. The answer can only be determined by analytical reasoning.
In Rhode Island, all assets acquired by the parties (with limited exceptions as set forth below) during the course of the marriage constitute marital property subject to equitable division by the Family Court. However, gifts and inheritances are not marital property subject to being divided unless the parties co-mingle the assets. A co-mingling could occur if a person puts the other spouse’s name on an account or puts the other spouse’s name on the deed to real estate.
Rhode Island is an equitable division state; courts divide property equitably. This does not mean equally but fairly. The court considers several factors if the parties have not agreed beforehand on distribution, including the duration of the marriage, each spouse's contribution to acquiring and maintaining the property, the best interests of the children if applicable, contribution of one spouse to the earning capacity of the other, and income, among other things.
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