Q: How are marital assets divided in divorce?

A: There are 9 Community Property states that divide marital assets equally. However, the other 41 states divide maritable property according to the principle of equitable distribution, which is based on the duration of the marriage, prior marriages of either party, age, health, occupation, amount and sources of income, vocational skills, employability, liabilities, and each of the parties’ needs. The court may also consider such factors as who played the biggest role in accumulating the assets, emotional value of specific items, alimony payments, child support obligations, tax consequences, and any other factor relevant to an equitable outcome. For more, read: Divorce: It’s Impact On Your Financial Plan.