DIVISION OF MARITAL ASSETS
Fair Division of Marital Assets in Rhode Island Divorce
Warwick Area Property Division Lawyer Protecting Your Financial Interests
Divorce inevitably causes feelings of uncertainty about one’s financial future. Having a plan of action can help ease that anxiety.
Rhode Island divorce attorney Kerry I. Rafanelli has more than 30 years of experience in divorce negotiations, divorce litigation and divorce mediation. He will skillfully negotiate a property settlement agreement – with or without alimony – that protects your rights to your share of the marital property.
Separate versus marital property
Rhode Island is an equitable distribution state, which means that each spouse is entitled to a generally equal portion of the marital property. Each partner also has a right to keep property they owned prior to the marriage as long as that property was not “commingled” with the marital assets.
Determining whether something is a separate asset or a marital asset can become a sticky question. If you put money from an inheritance into the same bank account that you and your spouse use for all your joint household expenses, then you have “commingled” those funds and your spouse may now have a claim on them. Or, if you used money you earned while you were married, that would have belonged to the two of you, to fix up a rental property that you owned prior to marriage, some portion of that rental property may now be a marital asset. Pensions and retirement funds are often a shared asset.
Rights to the marital home
In most marriages, both parties have a financial interest in the family home even if only one person is working and paying for it. You will need to make a decision about whether one person will be staying in the home or if the home will be sold. If one person is staying in the home – perhaps to raise the children – then the other spouse must be compensated, now or in the future.
The spouse keeping the home can buy out the other spouse’s interest, other property can be given to offset the value of the home, or the settlement agreement can include a date for future sale of the home and distribution of the gains.
If you decide to sell, you will need to discuss what to do if the house doesn’t sell right away. Who will be paying the mortgage, insurance, taxes and maintenance during the waiting period. Attorney Rafanelli can help you establish clear terms for managing this asset until sale and/or offsetting the value of this asset in the overall property settlement negotiation.
Spousal support
When it comes to the decision to award of alimony, the family court judge will consider each party’s income, health, education, work history, station in life, and years of marriage. The judge does not consider gender. Either party could be ordered to receive or pay spousal support.
Valuing complex assets
Mr. Rafanelli works with many clients who have significant assets, complex estates, family businesses or other business interest that could be impacted by the divorce. The first step in dividing or offsetting these assets is understanding their true value. Learn more about the process of valuation of complex assets .
Let us protect your financial interests in a property settlement agreement
Call Warwick area property division lawyer Kerry I. Rafanelli at 401-398-8388 or contact us online to schedule a consultation.
Providence family law attorney
Kerry I. Rafanelli
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Kerry Rafanelli,
Attorney At Law
OUR ADDRESS:
Kerry I Rafanelli, Attorney at Law
670 Main Street, Suite C-4
East Greenwich, RI 02818
PHONE NO.
401-398-8388
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401-398-8399
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Frequently
Asked Questions
Consult an experienced Rhode Island divorce attorney for answers to your questions. Call Kerry I. Rafanelli, Attorney at Law, at 401-398-8388 or contact us online to schedule your consultation at our East Greenwich law office.
Should I retain a lawyer if my fiancé's attorney has already drawn up a prenuptial agreement?
Both parties to a prenuptial agreement should be represented so that you can feel confident that the contract is fair to you.
Am I considered the parent once my adoption of a child is finalized?
At the completion of your adoption, you acquire all the rights and responsibilities of a parent–including making important childrearing decisions and providing your child with financial support. Your child gains all the rights as your natural children would have involving inheritance, immigration, government benefits and healthcare coverage.
Am I entitled to visitation rights as soon as I affirm my paternity of my child?
In most cases, you are entitled to visitation with your child, but you must file a petition with the court requesting visitation.
Am I entitled to child support as soon as the father's paternity is positively affirmed?
You are entitled to financial support from the father, but you must file a petition with the court requesting child support. You may be entitled to support from previous years as well.
What is the difference between guardianship and adoption?
Adoptive parents acquire all the rights of natural parents. Guardians have legal and physical custody, but are not considered the parents of the child and must periodically appear before the court to give updates on the child’s status. In some cases, the birth parents may retain their parental rights.
Is my former spouse permitted to move my child to another state?
A custodial parent must petition the court to relocate with your child to another state. You can object to the move and present evidence at a court hearing.
What does the court consider in relocation cases?
The court considers what is in the best interest of your child — including financial advantages of the move, educational opportunities, the existence of extended family in both locations, the nature of the child’s relationship with each parent, and the logistics of visitation with the noncustodial parent.
How can I learn more about family law?
Call Kerry I. Rafanelli, Attorney at Law or contact us online to schedule your no-obligation, free consultation and get the answers to all of your family law questions.