Dissolution of a Long-Term Marriage in Maine

The end of a long-term marriage can be one of the most difficult experiences in a person’s life.  A long-term marriage is generally considered to be one that lasts over 20 years.  Over the course of those decades, you and your spouse have likely built significant wealth and have invested in multiple pieces of real estate, vehicles, property, jewelry, artwork, investment accounts, and retirement funds.  You will also want to consider any debt that you have accumulated.  Dividing these assets may seem overwhelming; however, a skilled Family Law Trial Lawyer familiar with this situation will be able to review your unique situation and discuss likely outcomes.

The first step is to collect financial documents and make a list of personal and real property.  Your Family Law Trial Lawyer will help you determine all of the tax returns, bank statements, investment account statements, and retirement account statements that you will need to collect, so that you can accurately calculate your funds and how they are distributed.  You will also want to consider each piece of real property you own and all the items within and without the house.  This step may seem overwhelming; however, it is best to go room-by-room and make a list of all the furniture, artwork, electronics, lighting, rugs, and other valuables in each space.  You will likely want to make a separate list for jewelry or other valuable collectibles.  

When making your list, consider the following items:

• Real Estate
• Motor Vehicles (including cars, boats, trailers, motorcycles, and aircraft)
• Tangible Personal Property (including furniture, televisions, computers, electronics, and jewelry)
• Cash
• Bank Accounts (including savings accounts, checking accounts, money market accounts, and certificates of deposit)
• Retirement Benefits & Deferred Compensation (including pension plans, annuities, IRAs, 401(k)s, 403(b), and SEPs)
• Investment & Brokerage Accounts (including mutual funds, stock, bonds, options, ESOPs, and secured or unsecured notes)
• Business Interests (including sole proprietorships, corporations, and limited liability companies)
• Life Insurance Policies
• Lawsuits & Claims
• Income Tax Refunds or Amounts Owed
• Debts

If Spousal Support is granted by the Court following the divorce of a long-term marriage, the Court will likely order that Spousal Support continue indefinitely.  The Court may also order the obligated party to maintain life insurance or to otherwise provide security for the payment of Spousal Support in the vent the obligation may survive the obligated party’s death.

The complexities of divorce often grow as the accumulation of wealth grows.  A Family Law Trial Lawyer will be able to guide you through this process.