Divorce can be a long, drawn-out process, especially when couples do not agree on certain matters. As tempers flare and the disputes continue, people may become exhausted and frustrated because nothing is being resolved. This is common in high asset divorces because people stand to lose property, assets and more. Ideally, couples would discuss things calmly, and it is possible, but one thing that can bring on a dispute or argument is when property that was considered separate is actually considered marital.
There is a way to determine if property is separate or community property. In many cases, property is considered marital if it was purchased sometime during the marriage and both spouse’s funds were used. Separate property could be considered any property that a spouse had prior to the marriage. However, depending on certain circumstances, the courts may disagree with a spouse and rule that property they thought was separate is, in fact, marital.
When it comes to property division, states have certain laws that must be followed. It may not always be clear what belongs to who, which is why couples may get confused when they are dividing property. This can easily be cleared up with the help of an attorney. A couple going through a high asset divorce may have a lot to lose, but they must still follow the law, even if it means they don’t get to keep property that they assumed was separate property and not included in the divorce.
It is common for couples to acquire property during their marriage, so it is understandable when there is confusion about what is community property and what is separate. Even though your spouse may not agree with you, there may be property that you acquired prior to the marriage and are not required to divide during the divorce or separation process. An attorney from the Law Office of Michael D. Tracton may be able to help with your case and answer any questions you have about property division.