Busted But Not Responsible? Tips For Your Defense



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If you and your spouse are getting a divorce, it's important to know your rights when it comes to dividing up marital property. If you live in one of the few community property states, your marital assets will be divided in half. In the rest of the states, your property will be divided up into what is deemed equitable for both parties. While coming up with an agreement is usually preferred by both parties, if your ex won't budge on negotiating property division, you will probably have to fight for what you deserve in court. Take the time to look at your assets and determine what is marital property and what property is owned individually by each of you. 

Community Property States in the US

The current community property states in the US are Arizona, California, Idaho, Louisiana, Nevada, New Mexico and Wisconsin. In these states, all marital property is owned by both parties 50/50. If the couple can't agree on a fair market value for a property, for example, the property will likely need to be sold and the profits divided in half. In all other states, the property is divided up equitably between the two parties.

Separate vs. Marital Property

If you receive a large gift, or you had substantial assets before your marriage, these are probably considered separate property when it comes time for a divorce, and you will be able to keep your separate property. Problems arise when both parties mingle funds. For example, if you had a bank account with $100,000 in it just in your name when you got married, that money is yours in a divorce. If you took that money and placed it into a joint bank account, the money then becomes marital property. Anything purchased with income earned during the marriage is marital property, while gifts to one person or the other are separate. 

Fighting for What is Yours

Some partners refuse to budge an inch when it comes to dividing marital assets. If you feel that you are being taken advantage of or coerced into making a deal to speed up the proceedings, it's time to work with an attorney. You'll be able to go over your marital assets with a lawyer, discussing what you want with an individual who understands what you are entitled to. What you agree to in your divorce agreement becomes final, so it's essential to work with an attorney like those at Ritter & LeClere APC Attorneys At Law who can help guide you along the process.


27 January 2017