How property is divided in a Rhode Island divorce often sets the stage for each spouse's financial future. After all, the longer a marriage lasts, the more marital assets the spouses tend to accumulate. Some of these assets may be quite valuable, such as a house, stocks, investments or retirement plans. Determining how to fairly divide such assets can be difficult, but with the right help it can be done.
It often benefits both parties to try to reach a property division agreement out of court, perhaps with the help of a mediator. Doing so can give the parties more control over the outcome, rather than leaving all the decisions up to the court. Of course, keep in mind that a mediator does not represent either party, so each party may want to retain legal counsel so that their interests are represented.
Rhode Island law does not provide a specific formula to follow when dividing property in a divorce. Instead, when dividing property in a divorce in Rhode Island, decisions will be made based on what is equitable. However, there are some factors that may be discussed. These include how long the marriage lasted, each party's financial circumstances, each party's potential earning capacity and what each party contributed to the marriage, among others.
Attorney Steven J. Hirsch, Esq. has represented individuals in Rhode Island seeking a divorce for over three decades. Since 1994, he has also served as a mediator. He takes a holistic approach towards property division. There are numerous strategies that can be taken that will lead to a settlement that will satisfy an individual's needs both in the present and in the future. To learn more about property division in Rhode Island, you can visit his website.