Marital Property Division
Lawyer in Kamuela and Kona
Almost without exception, property division is either the easiest or most complex portion of marriage dissolution. If the couple was married only briefly or had a solid premarital agreement, marital property division may be a straightforward matter. But in almost all other cases, it is extremely complex.
The experienced Kamuela divorce lawyers at Olson & Sons have handled property division matters for many years. Our attorneys know the legal and practical implications involved. And, we offer creative, long-lasting solutions which uphold your legal and financial rights. Moreover, since we begin every case with a conversation, we understand your needs and goals in a particular situation.
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Property Division in a Divorce in Kona
The marital property rule is deceptively simple. Assets or debts acquired before the marriage or by gift are nonmarital property. Everything else is marital property.
Things get complicated quickly. Assume Wife uses money from her paycheck, which is a marital asset, to make payments on her student loan, which is a non-marital debt. Upon divorce, the Wife might be required to reimburse the Husband for the marital assets which she used to retire a non-marital debt.
This example is the most basic commingled asset dilemma. Many other situations cannot be resolved without forensic accountants and other experts.
Property Division Checklist for Divorce in Kamuela
Once assets and debts are classified, they must be divided equitably. That’s not necessarily the same thing as “equally.” Some factors to consider include:
- Standard of Living During the Marriage: Property must be divided in such a way that the divorce is not an unfair financial burden on either party. This factor generally, but not always, benefits women. Divorced women are more likely to live in poverty than divorced men.
- Relative Economic Status: Future earning capacity is a factor in a current property division. If one spouse has less earning ability, perhaps due to a disability, that spouse may be entitled to a larger share of marital property.
- Custody Provisions: There is often an overlap between the property division and the parenting plan. It is generally in the children’s best interests for them to remain in the family home.
Other property division factors include agreements between the parties. Generally, Hawaii County judges approve most property settlements, as long as they are not blatantly one-sided and each spouse had a Kona divorce lawyer.
Even though Hawaii is not a community property state, property division is often extremely complex. For a confidential consultation with an experienced Kamuela divorce lawyer, contact Olson & Sons, L.C. Convenient payment plans are available.
Reach Our Experienced Kona Divorce Attorney for Property Division
Ensuring a fair and equitable property division is often the most complex part of a Kona divorce. Get in touch with Olson & Sons for prompt legal assistance. Feel free to contact us on (808) 745-1565 and discuss your matter.