When a couple goes through a divorce, all of their marital assets need to be divided between spouses. Marital assets are counted as any property that is acquired during the marriage by either spouse, with the exception of gifts, inheritances and damages awarded by lawsuits.
The state that you are divorcing in determines the way in which assets are distributed. In the state of Montana, marital assets are distributed equitably. This means that they are generally distributed in a way that is considered to be fair and just according to the circumstances. The following are three facts that you should know about equitable distribution when going through a divorce in Montana.
Equitable distribution is only followed if an agreement cannot be reached
The divorcing couple will have the opportunity to divide assets between themselves. If an agreement cannot be reached, the District Court will divide the assets equitably.
The courts consider many different factors during equitable distribution
The courts will consider several different factors including the duration of the marriage, the age, health and occupation of both spouses, and the custodial provisions in place. The future earning potential of both spouses will also be considered when dividing assets.
Both assets and debts are divided
Not only assets are subject to equitable division during divorce in Montana. Any debts that the couple has between them will also be divided in a way that is considered to be fair.
If you are going through a divorce in Montana and you want to gain a better picture of how equitable distribution will likely apply to your situation, it is important that you gain a good understanding of the law.