Unless there is a written agreement to the contrary, money earned by either you or your spouse during the marriage, assets purchased by either of you, and debts incurred by either of you are considered to be "marital assets and liabilities" which that will be distributed to each of you if you divorce. This is true even if an asset is bought in one name alone with the money earned by that person. Title to property alone does not determine distribution.

Any asset owned by a person before he or she gets married that he or she keeps separately titled (e.g., a home) will generally be distributed to that person upon divorce. Such an asset is called nonmarital property. However, if that asset has increased in value due to the expenditure of marital funds, or funds of non-owner spouse during the marriage, or if that asset has increased in value due to the work efforts of either partner (even if it is only the work of the one that owned it before), then the increased value may be considered a marital asset that can be distributed n' both husband and wife upon divorce.

If either spouse changes into joint names the title to an asset that he or she owned before marriage; or, if the person mixes the asset with marital assets (for example, if the spouse puts his or her house into both names or puts the money that he or she earns into a stock account he or she had before the marriage) then the whole asset may be considered to be a marital asset and may be distributed to both husband and wife upon divorce.

Gifts given by one spouse to the other are marital assets and can and will generally be divided should you divorce. Gifts given by outside persons to one party or the other individually, and not thereafter mixed with marital assets, are not marital property and will generally be awarded to the recipient of the gift upon divorce.

LIABILITIES (THE MONEY YOU OWE)

If a person owes a debt prior to the marriage and that debt still exists at the time of the parties' divorce, the person who owed the debt still will be solely responsible for it unless the other party has legally agreed to pay the debt during the marriage. Debt incurred by either party during the marriage is generally "marital debt" and can be assigned for payment to either party upon divorce.

HOW THE COURT DIVIDES ASSETS AND LIABILITIES UPON DIVORCE

Unless the husband and wife enter into an agreement that sets out who gets which assets and who gets which liabilities, the circuit court will have a trial after which it will decide who gets what and who will pay what.

The current statutes require a court to begin the process of dividing assets and liabilities by setting aside those assets that are defined as "nonmarital," typically those assets which either were owned prior to the marriage or inherited during the marriage and not mixed with marital assets, or those properties specified in a written agreement between the parties as nonmarital.

Next, the court will divide marital assets and marital liabilities, starting with the presumption that such assets and liabilities will be distributed equally. The court may distribute unequally marital assets and marital liabilities based upon a series of factors including: the contributions of each party to the marriage, the contribution of one party to the career or educational opportunities of the other, the intentional depletion or destruction of marital assets by one party, and other equitable factors. The court may award a cash payment from one party to the other to balance out assets and liabilities. It is not necessary for a court to divide each and every asset between the parties. Instead, the court may award some assets to one party, some to the other, and balance the difference through a cash payment.