How is a monetary award calculated?
The court must determine the following factors prior to entering a monetary award:
- The monetary and non-monetary contributions of each party to the well-being of the family;
- The value of all property interests of each party;
- The economic circumstances of each party at the time the award is to be made;
- The circumstances that contributed to the breakdown of the marriage;
- The duration of the marriage;
- The age of each party;
- The physical and mental condition of each party;
- How and when specific marital property was acquired and the effort expended by each party in accumulating the marital property;
- The contribution by either party to the acquisition of real property held by the parties as tenants by the entirety;
- Any award of alimony and any award or other provision that the court has made with respect to family use personal property or the family home; and
- Any other factor that the court considers necessary or appropriate to consider in order to arrive at a fair and equitable monetary award or transfer of an interest in marital property.