The process of divorce involves many difficult decisions, and one of the most complex is dividing assets. This process can be overwhelming, especially when trying to distinguish between what is considered marital property and what is not. As experienced family law attorneys, the team at Danks & Danks understands the nuances of this legal distinction. Our goal is to help you navigate this challenging time with clarity and confidence, ensuring your assets are divided fairly and in accordance with the law.
Dividing Assets in a Divorce: Understanding Marital and Non-Marital Property
Understanding Marital Property
In most states, marital property includes all assets and debts acquired by either spouse during the marriage. This can include real estate, vehicles, bank accounts, retirement funds, and even business interests. The key factor is the timing of the acquisition. It does not matter which spouse earned the money or whose name is on the title; if it was acquired during the marriage, it is generally considered marital property subject to equitable distribution.
Defining Non-Marital Property
Non-marital property, on the other hand, is any asset or debt that a spouse acquired before the marriage. It can also include assets received during the marriage as a gift or inheritance from a third party. To qualify as non-marital, it is crucial that the asset was kept separate from marital property. For instance, if an inheritance is deposited into a joint bank account, it may lose its non-marital status and become subject to division.
The Importance of Asset Tracing
Asset tracing is a critical step in a divorce, especially when dealing with commingled funds. This process involves a detailed examination of financial records to determine the origin of an asset. For example, if a down payment for a home came from non-marital funds but the mortgage was paid with marital income, asset tracing can help determine the separate and joint interest in the property. Our Evansville family law firm excels in this area, providing meticulous analysis to protect your interests.
Protecting Your Assets During a Divorce
The best way to protect your assets is through careful preparation and legal guidance. This includes gathering all financial documents, such as bank statements, tax returns, and property deeds. It's also vital to consult with a family law attorney who can advise you on your specific situation. We work tirelessly to identify and categorize all assets, ensuring a fair and equitable division that respects your rights and future financial stability.
Navigating asset division requires a clear understanding of your state's laws regarding marital and non-marital property. At Danks & Danks, our experienced team provides the diligent and compassionate guidance you need during this complex process. We are committed to protecting your interests and ensuring a fair resolution, so you can move forward with peace of mind. Contact us today to learn more about how our family law expertise can benefit you.