Divorce

Who determines how assets are divided in a divorce?

Posted by admin on November 21, 2017

When you’re struggling with marital problems, one of the points of contention usually involves shared belongings — and the difficulties inherent in separating them. These items might be as innocuous as a set of coffee mugs, or as beloved and cherished as the family cocker spaniel. In any case, it’s nearly impossible for the couple to come to an amicable conclusion about the division of property on their own. It’s advisable, therefore, to have an outside source to turn to — preferably one who is not personally invested in the outcome.

According to a Forbes article, many people do not understand what constitutes separate property, and what is considered shared property when filing for divorce. The answer is easier than it appears, yet marital problems have a way of clouding judgment. In essence, separate property consists of:

  • Property that was owned by either spouse prior to the marriage
  • Inheritance or gifts received by either spouse, whether before or during the marriage
  • Payment or personal injury settlements received during the marriage

Anything that does not fall into these categories is generally considered shared property. One caveat: If you’ve added your spouse as a co-owner of property you owned previously, then that property is now considered shared. Similarly, if you’ve deposited money from an inheritance or personal injury settlement into a joint account, it likewise falls into the shared category.

If you have any further concerns about dividing your property in an impending divorce, then call the offices of Jackson Law Firm today. Their professional and knowledgeable staff will provide the answers you need and the reassurance you crave.

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