One of the most important decisions made during a divorce is how the assets will be split up in the process. Most commonly, each spouse will receive equitable distribution, meaning 50/50. The percentage each person receives is typically dependent on a variety of factors, including:
- The length of time the couple was married.
- The age of each spouse.
- The income earnings of each spouse.
- Each individuals’ income potential.
Once “equitable” is figured out, going through the assets can be difficult. This is especially true for couples over the age of 50 because more has accumulated through a lifetime of marriage. In the process of selecting these assets, it should be done only after it is determined how much income is necessary for each spouse to get by once the divorce is finalized.
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