When you decide to get a divorce, there are many issues that must get resolved between you and your spouse. Part of the divorce process is dividing up pre-marital and marital assets, determining child support, child custody, child visitation, spousal support and division of marital debts.
Every state has different divorce laws, but all states recognize pre-marital assets as separate property. Separate property is considered property owned by each spouse before marriage, unless the assets have been co-mingled with marital assets. Marital property is property that is acquired during the marriage. The court has the jurisdiction to determine which assets in the marriage are considered separate assets and which are marital assets if you and your spouse cannot agree. In order to make sure that your interests are fairly and justly represented, it is recommended that hire a family law attorney to represent you.
Separate Property
The following property is considered pre-marital assets/separate property:
- Property owned prior to marriage by each spouse
- Property acquired by gift or inheritance
- Property acquired in exchange other separate property
- A settlement from a personal injury
Only marital property assets are included as part of the marital property division. In an equitable property state, the court will consider what is fair and just when dividing up assets. In a community property state, the court will divide marital assets equally. The court is authorized to award monetary settlements and require the sale, transfer or distribution of marital property to one or both spouses. Marital assets include:
- Bank accounts
- Household furniture, artwork, household furnishings and collectible items
- Retirement Plans, profit sharing, stocks and bonds
- Vehicles such as cars and boats
- Life Insurance and annuities
Each spouse is liable only for their separate debts and half of joint family debts. The courts encourage the parties to resolve marital property division, custody, and visitation and support issues by agreeing to enter into a settlement agreement, and only decide divorce issues when the parties are unable or unwilling. It’s less stressful, costs the parties less and helps make the divorce process quicker if the parties can resolve their own issues. This way, they do not need extra time for discovery, hearings or other motions. It allows the court to free up their calendar to hear other cases as well.
Talk to an Attorney
It is recommended that you hire a family law attorney to assist you with your divorce and advise you regarding pre-marital assets, marital assets and other divorce issues. The attorney can help you with negotiations with your spouse and represent you in court.
