Don't Get Cheated Financially During Your Divorce
Posted on: 25 September 2019
Relationship problems can bring out the worst in people and that tendency can carry forward when a divorce becomes inevitable. Read on to find out how you can suffer from lasting financial harm by what your spouse is concealing.
Marital Property and Why It Matters
Everything you and your spouse own is subject to marital property rules as defined by your state of residence. If you bought it or acquired it while married, it's probably marital property. If it does fall into the marital property bucket, it will be divided according to the laws of either community property or equitable distribution. Don't make the mistake of assuming that your spouse's business interests belong only to them or that the pet your spouse bought you is not up for grabs when it comes to property divisions during divorce. When thinking about marital property, you should list and include all property that you and your spouse own. You might eliminate the following from that list, however:
- If the property was gifted to just one of you, it now belongs only to that person forever.
- If the property (and that includes money) was inherited by one of you, it is not marital property.
- If the property belonged to one of you prior to the date of the marriage, it's not marital property.
No matter who bought it, who's money was used to buy it, who took care of it, who thought it was their own, or anything else, it might be considered marital property.
Make a List of Assets
Your divorce lawyer will probably ask you for a list of marital assets and that is something you can accomplish as soon as you make your divorce decision. Each item listed should have the date of purchase (estimates are okay) and the value. Your attorney can advise you on what is and what is not marital property. When making your list, consider the following to avoid leaving out all assets:
- Be suspicious if your spouse has recently changed the passwords on joint online accounts. They might be trying to limit your access to an asset like a bank account or hide their credit card spending from you.
- If your spouse owns their own business, you might need a forensic accountant to sort out the financials.
- No matter who made the money that went into funding the account., if you or your spouse own a 401(k) retirement account, it's marital property.
- Other signs that your spouse is trying to prevent you from getting your fair share of the marital pie include locked desk drawers, safes, and filing cabinets that you previously had access to, excessive and lavish spending, long, unexplained absences, and more.
Marital assets affect more than just property splits, it affects spousal support, child support, debt, and more. Speak to your divorce lawyer about your marital assets as soon as possible.
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