In Vermont, the legal dissolution of marriage necessitates a fair and equitable division of marital assets. This process encompasses all possessions and debts acquired by the couple from the date of the marriage until the separation. It is not necessarily a 50/50 split but rather a distribution that considers numerous factors to ensure a just outcome for both parties involved. For example, real estate, vehicles, bank accounts, retirement funds, and outstanding debts like mortgages or credit card balances are all subject to division.
A just division of assets is crucial for the financial stability and well-being of both individuals post-divorce. It helps prevent undue hardship and allows each party to move forward on a relatively equal footing. Historically, the evolution of property division laws has aimed to address imbalances in economic power within marriages, recognizing the contributions of both breadwinners and homemakers. These laws continue to adapt to reflect modern family structures and economic realities.
