It sounds easy to identify the assets a couple has which are subject to a division by a divorce court, but there’s nothing easy about it. Sometimes, the property you bring into a marriage is separate, but it can become marital. For example, if you own a house before the marriage but you pay the mortgage together, is this a joint asset?
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Some types of assets may be excluded from division during a divorce, such as inheritance, which is generally treated as a parties’ separate property. However, inheritance can become marital property if it’s co-mingled and untraceable.
Many factors can go into determining whether an asset is separate or joint property. With the help of our experienced attorneys, you can have confidence that your property and other assets are protected during the divorce process.
Generally speaking, marital assets are assets which are acquired during the term of a marriage. In most states, these assets are subject to equitable division by a judge in court. Separate property can be property that was gifted to you, owned before the marriage or which was inherited. However, there are other types of separate property and these definitions change from state to state.
Separate property can become joint property if the separate nature of that property is changed during the term of the marriage. You can change the nature of separate property in many ways including by co-mingling it, hiding it, or paying expenses related to the separate property using marital funds. You may be shocked to discover that property you thought was yours is actually subject to division.
In these cases, the reality check can be very painful. Particularly painful for our clients is the realization that a business they built during the marriage isn’t considered to be entirely theirs. Business owners often have difficulty understanding that the business they worked so hard to build all those years belongs, in part, to their spouse.
Many times, family law judges have a difficult time dividing assets fairly in a divorce. In determining assets divisions, a judge may consider several factors, such as the contributions of a spouse, the value of any separate property, the spouses’ economic circumstances, as well as an increase in the value of separate property.
Preparing this information for the divorce court is an important function of a law firm. Our office has extensive experience convincing courts of a quotable division in these complex asset cases. Even if you decide not to select our firm, be sure your attorney has a qualified team of professionals to support your case.
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