Some people have a justifiable, but incorrect sense, of entitlement when it comes to the division of assets in a divorce. Often spouses believe they have sole ownership of an asset and that their spouse has no claim to that asset or to any assets exclusively in the other’s name. Spouses have the right to demand a shared portion of anything the other owns, every “marital” asset is divisible.
Some of these assets include things like the home you shared with your spouse, royalties earned, travelers’ miles, and anything else that may be of interest. The same liabilities apply to outstanding payments and other debts.
It is for this reason that couples going through a divorce should handle their financial assets reasonably and professionally.
Only Assets covered by a prenuptial agreement (usually), and assets acquired before the marriage (most of the time) are reserved from division in a divorce.
It is a tricky course to navigate, and we suggest that an attorney specializing in divorce be a part of the planning. In the case of high asset divorces, it may also be wise to involve financial planners familiar with divorce, and even forensic accountants.
As always, every situation is unique. This series is intended to “start the thinking process” to take emotive choices out of a hard situation. Everyone’s situation is different, and this is not intended as legal advice. Please, speak to a divorce attorney prior to making any decisions, especially decisions based on a simple blog post. There are many mitigating factors that will go into the final divorce decree.
Brandon Legal Group
Family Law Attorneys