One of the most contested issues in any Rhode Island divorce is the division of property. While the concept of dividing up a couple’s assets may sound straightforward, in practice the process can be quite complicated.
Rhode Island is an equitable distribution state. Thus, courts employ a three-step approach when dividing marital assets. First, the court will determine which of the couple’s assets should be considered marital property subject to equitable distribution and which assets are an individual spouse’s separate property. As a general rule, marital property consists of the assets that were acquired during the marriage. However, certain exceptions exist. For example, inheritance and gifts from third parties are not considered marital property, even if they are assigned or received during the marriage.
Once a court determines which assets are marital property, the court will then consider a list of factors to determine how to divide those assets. These factors are set out in Rhode Island General Laws § 15-5-16.1, and include: