During your divorce, you may wonder who gets what? How are premarital and marital assets divided?
Division of Assets – A Rule of Thumb
The general rule and there are always some exceptions, is that anything acquired during the marriage is marital property. General speaking, the division date for marital property is the date of entry of the decree of divorce. So, anything acquired during the time of marriage is subject to division.
This is the case regardless of how the property is titled. For example, if one party buys a vehicle with their own funds and the vehicle is in their name only, the value of the property will still be subject to division in the divorce.
Exceptions to the Rule
Of course, exceptions exist, which are very fact dependent. It is important to talk to a knowledgeable divorce attorney to know if an exception applies in your case. For example, inherited property is generally not subject to division in a divorce. Property that was owned by one party prior to the marriage is typically not subject to division.
Gifts are another exception, so if a husband gave a pearl necklace to his wife during the marriage, the necklace is likely to not be divided during the divorce. However, questions about whether the property was considered a gift are a common occurrence.
Choose a Knowledgeable Divorce Attorney
The division of assets in divorce can be difficult to understand. Many different circumstances may warrant exceptions to guidelines.
If you wish to discuss how divorce may affect your assets, please contact us today to set up an appointment to speak to one of our knowledgeable attorneys about your case.
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