Non-matrimonial assets are those you or your spouse brought into the relationship, such as an inheritance or assets acquired before your marriage or potentially assets acquired after separation. Despite their separate origin, these assets can still be considered and may be split, depending on the specific circumstances.
The court's primary concern in asset division is ensuring that all financial needs are met, especially the needs of any dependent children. When deciding how to divide assets, the court takes into account a range of factors, including:
- The needs of the parties: This involves considering your needs, your spouse's needs, and the needs of any dependent children.
- Standard of living: The court looks at the standard of living you both enjoyed during the marriage.
- Income and earning capacity: The current income of each party and their potential earning capacity are considered.
- Duration of the marriage: The length of your marriage plays a role in asset allocation.