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Procedure In Determining Monetary Awards
In determining monetary awards, a three step process is required and failure to use the three-step process will result in the award being vacated:
1. Characterization of all property as either marital or nonmarital.
2. Valuation of the marital property. Only property which is sufficiently identified and given value will be considered in a court award
3. Equitable distribution of marital property and assignment of value of nonmarital property to owner-spouse. In this last step, the court considers the 11 factors for determining a monetary award. None of the factors are given more weight than any other, except for the eighth factor.
The final decision as to the amount of the monetary award is discretionary, so long as the 11 factors have been considered by the court. The decision for a monetary award includes the manner and method of payment.
Further Information on Division of Property:
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