What is division of marital property?

Division of marital property in Rhode Island is the process of fairly dividing marital assets and debts between two spouses during a divorce. Marital assets include any assets acquired during the marriage, such as property, money, investments, pensions, and other investments. Marital debts refer to any debts incurred during the marriage. Each spouse in Rhode Island has the right to seek a court order that divides the marital property and debts in a manner that the court finds fair and equitable. Generally, marital assets are divided equally, and the court takes into account the financial situation of each spouse to determine how much each spouse should pay for the marital debt. In some cases, one spouse may be awarded a larger share of the marital property in order to compensate the other spouse for making certain financial contributions, such as providing medical care or being the primary care-giver for any children of the marriage. In addition to dividing the marital property and debts, the court may also award spousal support to either party. Division of marital property is one of the most important and complex decisions made during a divorce proceeding. In an effort to ensure an equitable division of marital property and debts, the court will carefully consider various factors such as the length of the marriage, the source of the marital property, and each spouse’s contribution to the marriage.

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