Property & Debt
Before a court can award either party any property and/or allocate responsibility of the debt of the parties, it must first make a determination as to which property and/or debt is marital. The easiest way to determine whether or not the property or debt is marital is to determine when it was acquired and/or incurred. More specifically, in the case of property, that property which was acquired during the course of the marriage is usually considered marital property (regardless of whose name it’s in). Likewise, that debt which was incurred during the course of the marriage is usually considered marital debt (again, regardless of whose name it’s in).
Once it has been determined which property and which debt is marital, the court then has to determine how all of the marital property and debt will be divided. It should be noted that, contrary to popular belief, there is nothing within the IMDMA that states that property or debt should be divided evenly between the parties; although historically, this does appear to be the most popular way of settling property and debt issues.