Property division is based on a four-step process:
- Identify and Value Assets and Liabilities: Both parties must disclose their financial situation.
- Assess Contributions: The court considers financial, non-financial, and homemaker contributions by both parties.
- Consider Future Needs: Factors such as age, health, income, and care of children are taken into account.
- Ensure Just and Equitable Division: The court aims to reach a fair division based on the circumstances.