Community Property: All property and assets acquired by the couple during the marriage is considered community property, and is owned equally by both spouses, regardless of who earned or purchased it. This also applies to debts, and the couple must evenly split debts upon divorce. Community property is observed in Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

Equitable Distribution: Property acquired during the marriage is owned by the spouse who earned it. Property will be divided in a fair and equitable manner by the court. Different factors affect what is equitable, including income contributions, homemaking or child raising contributions, or potential earning power. Most states, including Rhode Island, observe equitable distribution.

Property Division in Rhode Island Divorces

Since Rhode Island is an equitable division state, property will be fairly assigned to each party by the court. What is considered fair is based on each spouse’s contributions to the marriage, such as income, assets, and labor contributions. Judges in Rhode Island have a considerable amount of discretion to divide property.

To divide property, a judge will first determine what constitutes marital property. Marital property is property or assets gained during the course of the marriage, including stocks, real estate, vehicles, retirement benefits, business value appreciation, and more. All such property must be divided.

After this has been determined, the judge will then weigh the factors laid out in Rhode Island General Laws statute 15-5-16.1, which include:

• The length of the marriage
• The conduct of both spouses during the marriage
• The contribution of each to acquire, preserve, and appreciate the values of their estates
• Homemaker contributions
• Health and age of each spouse
• Income of both parties
• Occupation and employability of each spouse
• Opportunity for acquisition of capital assets and income
• Contributions to education, training, licensure, business, or increased earning power of the other spouse
• The need to remain in the home for the best interests of any children the couple have
• Either party’s wasteful dissipation of marital assets
• Any other factor the court finds relevant

Finally, the marital estate will be divided by the judge, according to the above factors. Debt will also be divided between the divorcing spouses. Typically, debt will be divided between couples, but if the debt is due to dissipation of assets or other poor choices made by your spouse.

Divorces can be difficult, but finding help doesn’t have to be. Our Rhode Island divorce attorneys can help you with your divorce case, and can advocate for you during property division. Our firm has over 30 years of experience in divorce law, and we can handle your complex divorce. Contact TJC • ESQ today for more information.

1. Contact an Experienced Rhode Island Divorce Attorney

Your first step will be to find an attorney who can guide you through the process. They will be your biggest resource through the process, so it’s important to find a lawyer that you can work with. You may have to meet with a few to find one whose experience, personality, and price meet your needs. Ask for client referrals, information about their successes, their approach to your case, and any other questions that give you a clearer picture of how they work.

2. Create a Clear Picture of Your Finances

Financial information can be complicated, especially if you are the spouse who doesn’t usually handle the money in the marriage. You will need to gather financial information and organize a clear understanding of your marriage’s debts and assets. Bank statements, credit card statements, loans, mortgages, and other financial statements can help you determine what you need to know. Your attorney can also guide you, but you may wish to engage the assistance of a financial advisor. This information will be later used to develop a post-divorce budget.

3. Develop a Budget

Divorce changes many aspects of your life, including your financial needs. Developing a projected budget for after your divorce can help you obtain the settlement you need. Don’t forget to account for housing, transportation, bills, education expenses, and any other costs you may be facing.

4. Talking to Your Spouse About Divorce

Arguably one of the most difficult parts of divorce, asking your spouse for a divorce is an obvious step in the process. If you are unsure of your spouse’s reaction, you may want to gather the needed information before talking to them, so they can’t prevent you from moving forward easily. Be kind when you talk to them, and plan to have the talk when they will have time to process and ask questions without interruptions. If you have previously discussed divorce, this may be easier, but it is possible for your spouse to be blindsided by your request. If you are afraid for your safety, make your request in public or with a neutral third party present.

5. Talking to You Children About Divorce

Another difficult discussion you will need to have is with your children. It is best to have the discussion with the entire family at once, so now feelings are hurt or secrets are told that need to be kept by a child. Approach the conversation cooperatively with your spouse, and explain the divorce is a mutual decision and there will be some changes. Express that your children are still loved and supported, and never lay blame on your spouse. Plan to tell your children at a time when they can process the discussion, and be there to answer any questions they may have.

6. Handle Joint accounts and Debts

Most couples have joint accounts or shared debts that will need to be taken care of in the divorce. Dividing these may mean closing accounts and moving the balance to another account, or drawing up an agreement about who will pay which debts. Mortgages and loans may be refinanced or consolidated to allow one party to take on responsibility for them.

7. Making a Plan for the Future

Planning for the future is a crucial step to preparing for a divorce. Once the process begins, you may find yourself needing a place to stay, finding work, or other changes. Before you begin your divorce, outline a plan of your next steps. Know where you will stay, what job opportunities are available, how you will provide for your children, and what you can do to protect yourself, if necessary. Plan for what will occur after the divorce, as well. If you need help, contact your attorney to guide you through your planning process.

Entering a divorce with a solid plan can ease the process and help you tackle problems as they arise. It is important to gather the support you need, including carefully choosing legal representation for the process. With adequate support and a careful plan, you’ll soon be thriving after your divorce.

Our Rhode Island divorce attorneys have over 30 years of experience helping individuals prepare for and finalize their divorce. Our firm offers caring legal services that will aggressively defend your rights. ContactTJC • ESQ today to learn more about how we can represent you in your divorce.

Zhou Yahui, who is the current and respected chairman of an online gaming company, Beijin Kunlun Tech, is divorcing his wife. As part of the divorce settlement, he will be transferring her company stocks valued at around $1.1 billion. There are high-asset divorces and then there areextremely high asset divorces!

While $1 billion is certainly nothing to scoff at, Zhou will still keep the majority of his company’s stocks, keeping him in control of the firm and keeping him above water. In early 2016, the company’s total value was estimated around $3.5 billion. Furthermore, the transfer of stocks can be easier than actually moving money from one account to another in the way that it does not appreciably affect controlling interests; it can also divide corporate holdings without having to adjust for tax implications and potential fees.

Zhou made a sizeable portion of his fortune after buying the majority of the popular dating app, Grindr, which marked him as one of China’s many newly-founded billionaires. The country does not expect his divorce to be the last in the news, as the rate of divorces is on the rise in China.

Finally, it is worth noting that a $1.1 billion settlement is jaw-dropping but it is likely not record-breaking. Numerous billionaires have divorced in recent years but managed to keep their agreements out of the public’s eye; it is believed many ex-spouse’s collected a billion dollars or more in marital assets. And back in 2014, a Swiss court nearly made a Russian oligarch hand over $4.5 billion to an ex-wife, but the amount was reduced after an appeal.

If you would like more information about Zhou’s divorce, CNN Money posted an informative article online (click here to view). For divorce law information in Rhode Island, be sure to contactTJC • ESQ and our team of highly-experience Providence family law attorneys today.

Should I Hire a Lawyer?
In most cases, yes. While you may choose to represent yourself “pro se,” this is highly inadvisable. The divorce process involves a myriad of different applicable laws, deadlines, and procedures that can expose you to a large potential for error. While some minor clerical mistakes can result in delays, other errors can potentially affect your divorce settlement and subject you to penalties. An attorney can handle the associated paperwork and legalese on your behalf, as well as ensure your interests are protected at all times throughout your case.

What are Acceptable Grounds for Divorce in Rhode Island?
Rhode Island is a no-fault divorce state, meaning that couples do not need to cite any sort of misconduct by either spouse in order to pursue a divorce. Most divorces within the state are granted due to “irreconcilable differences,” or simply because spouses do not get along. Divorces that are filed on grounds of fault such as adultery or abuse are typically more contested matters. The only requirement for divorce is that you or your spouse must have lived in Rhode Island for at least one year prior to filing for divorce. Certain exceptions to this rule apply, such as instances in which a spouse is serving active duty in the military but lived in Rhode Island before enlisting.

What Issues Must Be Addressed in My Divorce Arrangement?
Once you and your spouse have retained legal representation and have filed for divorce, you must negotiate the terms of your divorce settlement. The following issues must be addressed:

1. Asset & debt division: Unless wrongdoing is alleged, all assets and debts acquired during the course of your marriage are to be divided equally. This includes real estate, property, vehicles, cash assets, personal belongings, retirement accounts, pension plans, securities, stocks and bonds, and jointly owned businesses. Assets and debts that were acquired or accrued prior to your marriage or after the date of your separation are generally considered separate and are not subject to equitable distribution. The division of marital assets is frequently one of the most contentious issues during the divorce process.
2. Alimony: The higher-earning spouse may be required to make alimony or spousal support payments to the lower earning spouse on a temporary or permanent basis, depending on the length of the marriage, the lifestyle experienced during the marriage, and the earning capacity of both spouses. Alimony is generally rehabilitative in Rhode Island, meaning that it is granted only for a short period of time to help a spouse get the education or training they need to find gainful employment. Indefinite spousal support payments may be granted if a dependent spouse is of considerable age or poor health, or if the paying spouse is found to have subjected the dependent spouse to some form of malevolent behavior during the marriage.
3. Custody & visitation: If you and your spouse have minor children, custody and visitation schedules will need to be established. It is not uncommon for couples in Rhode Island to receive joint custody of their children, allowing each parent to maintain a say in their children’s upbringing. Sole custody may be awarded to one parent if the other parent is deemed unfit to care for their child, though this will depend on the unique circumstances of your case.
4. Child support: The parent that receives physical placement of the child or children must receive child support payments from the non-custodial parent to help offset the cost of raising the child. Child support is calculated by a formula based on the income of the parents and may not be waived by the custodial parent.

These issues may either be negotiated by you and your spouse in an out-of-court uncontested divorce or through contested litigation, though divorces rarely end up going to trial in Rhode Island. Collaborating with your spouse towards an uncontested divorce settlement is greatly preferred over a contested legal battle since it can save you a considerable amount of time, money, and stress.

When Will My Divorce Be Finalized?
Whether you and your spouse have negotiated the terms of your divorce or are looking to pursue litigation, there must be a court hearing of some kind in order to finalize your divorce. All divorce cases are initially scheduled for an uncontested hearing within 90 days of filing for divorce. Once a hearing or trial has been held, judge will file a temporary decree with the court that lists the court’s findings and decision. After 90 days, the Final Decree will be entered. You will remain married to your spouse until the Final Decree is entered.

Divorcing? Call 401-400-4254 Today
If you and your spouse have decided to dissolve your marriage, the Rhode Island divorce attorneys at TJC • ESQ. are here to help. Backed by numerous positive client testimonials and more than 30 years of family law experience, our firm can help you and your spouse pursue an amicable separation and ensure your rights are protected during this difficult time.

We proudly offer free case reviews to all who approach us for help. Schedule yours today.

The course outline is as follows:

1. Failure to Obtain and Interpret all Financial Documents
2. Inaccurate Valuation of Assets
3. Failure to Account for Debts
4. Failure to Consider Current and Future Income and Expenses
5. Failure to Equitably Distribute Assets (Attorney Conlon)
6. Tax Consequences After the Divorce (Attorney Conlon)
7. Ethical Considerations

Registration costs are $349.00 and will include a copy of the course book and audio CD. Addition registrations are discounted to $339.00 and selecting the Unlimited CLE Upgrade costs $799.00. A total of 7 Continuing Learning Education (CLE) credits will be available for this course, which is scheduled to last from 9:00 AM to 4:30 PM at the Hilton Providence in Providence, Rhode Island.

Experienced Rhode Island Divorce Lawyer

The upcoming seminar is certainly not Attorney Timothy Conlon’s first. He is well-known throughout Rhode Island, often considered a leading authority on family law disputes in the state, and has spoken at similar CLE seminars in the past. Notably, he spoke about the importance of technology, specifically Microsoft Office and Adobe, in an attorney’s workplace at an April 2016 seminar titled Unleashing the Power of Microsoft Office and Adobe for Lawyers.

If you are approaching a divorce, a skilled Rhode Island divorce attorney from TJC • ESQ can represent your interests and help you pursue the most amicable solution possible for your situation. Having represented countless clients throughout more than 30 years of practice, we can provide the trial-tested legal support you need to help you get through this difficult time.

Call 401-400-4254 or schedule a free consultation today to get started.

Electronic Discovery Methods in Divorce

To create a strong argument as to why you should keep or receive certain pieces of marital property in your divorce, you will need to consider all your options. In today’s digital age of technology, this means using electronic discovery methods whenever possible. Emails, financial records, social media posts, photographs, and more can all be powerful pieces of evidence when used correctly in your argument. Did you find a post about your ex seeing another person before you finalized your divorce, for example? Gather up the e-evidence properly and it could influence the court to grant you a bigger, or more equitable, sum of the assets being divided.

Marital Property Compared to Separate Property

What is going to get divided during property division processes anyway? In Rhode Island, allmarital property is subject to asset division, and marital property is anything that was acquired, earned, or improved during the course of your marriage, as well as anything that was used to benefit the two of you. Imagine that your spouse was the sole owner of a home before you married and through your deliberate efforts during the marriage, the home’s value went up, such as if you successfully added another room or wing. The court could define that as marital property and you would have a fair say to some of it. Similar considerations come into play in a divorce involving business dissolution Rhode Island.

Separate property, or what you owned prior to the marriage and never shared, will not be divided in a divorce. In the big picture, truly separate property is hard to find, for most people end up sharing their own property with their spouse, or at least use it to benefit them. Rhode Island courts are even permitted to put up items that are objectively separate for property division in certain circumstances; this is not common but can come up in extreme cases, such as if domestic violence spurred the divorce.

Don’t Forget Debts and Alimony

Most people think about tangible pieces of property or cash collections when they think about property division. But there is one thing that you probably don’t want to split, but may be forced to: debt. Any debts that you accrued together as a married couple will be divided accordingly. You may be able to be assigned less debt if you can persuade the court that you were more financially responsible than your ex.

Spousal support will also not be established until all property division agreements come to an end. If your ex has requested a large sum of alimony but also received the lion’s share of your marital property, you should be able to expect to pay less alimony, if any at all.

If you have additional questions about property division in Rhode Island, be sure to call 401-400-4254 to contact TJC • ESQ. Our Providence divorce attorneys can guide you through this careful process from start to finish, all the while defending your best interests and your hard-earned assets. Initial consultations are free.