People preparing for divorce often don’t quite know what to expect. There are many exaggerated and inaccurate stories shared on social media for clout. Those stories don’t necessarily have a basis in reality.
Even when they do, they may involve people who live in a totally different jurisdiction. Every state has different rules that apply in a divorce scenario. People reading generalized information online may not understand what they can expect in a Rhode Island divorce. The top issues that people want to understand as they consider divorce often relate to either child custody or property division.
While not every couple has children together, most couples have accumulated property or debt during a marriage. Almost every couple has to arrange to separate their finances during a divorce. What rules govern the division of marital property in a Rhode Island divorce?
Rhode Island is an equitable distribution state
Every state in the country falls into one of two main categories for property division matters related to divorce. Some states, including California and Texas, have community property rules. The majority of other states have equitable distribution laws. Rhode Island is part of the majority.
Divorcing spouses always have the option of settling through mutual agreement. They can set their own property division terms by negotiating with one another early in the divorce process or deferring to the terms set in a prenuptial agreement. If spouses cannot resolve property division matters on their own, then they may turn to the family courts.
They have to provide an inventory of assets and debts. A judge then reviews information about the household and attempts to divide their property in a fair manner. Factors including the health of the spouses, their contributions to the marriage and the duration of the marriage can all influence how a judge divides property.
Generally speaking, any resources acquired during the marriage and any financial obligations taken on while married are part of the marital estate. Judges can allocate both debts and assets in a manner they believe is fair. Given the degree of discretion granted to a judge in a litigated divorce case, it is difficult to predict the exact distribution of property and financial obligations.
Spouses with very specific asset division goals may benefit from trying to settle by compromising to achieve their goals. Learning about the rules that apply in Rhode Island divorces can help people strategize.