In cases without children, the resolution typically involves dividing financial assets. Commonly considered assets include:
- The marital residence and any additional properties
- Household furnishings and personal belongings
- Vehicles
- Bank accounts
- Stocks and investments
- Insurance policies
- Pension plans and retirement funds (401k, etc.)
- Business assets
- Outstanding debts, such as mortgages, credit cards, and car loans
- Earnings history and future earning potential of both individuals
The court’s objective is generally to divide these assets as equitably as possible. Before reaching a trial or settlement, a process known as discovery occurs, requiring both parties to submit their financial and legal documents to their respective attorneys.
In most situations, the conduct of the spouses prior to the divorce is not factored into the asset division unless it can be shown that the relationship dynamics have led to financial difficulties for one party. A useful guideline is to assume that marital assets will be split evenly, with some states adhering to community property laws that classify any property acquired during the marriage as jointly owned.
Special consideration may be granted in the form of alimony or spousal support to those deemed to have sacrificed career opportunities for the benefit of their partner or family. Laws regarding these matters can vary widely from one jurisdiction to another.
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