Divorces can quickly turn nasty when two people do not agree on certain issues. Whether it be child custody, alimony or property division, people don’t always want to work together to find an arrangement that they both can be happy with; they may also have difficulty believing that it is something that can be done. In high asset divorces, property division can especially be an issue because of how much the couple’s property may be worth and what one party may feel belongs to only them.
When two people are divorcing, they may not want to play fair and divide property evenly. This can cause them to dispute for months or even years about who should get what property and assets after the divorce is finalized. While certain property is considered marital property, before couples decide to engage in a heated dispute about what they should be dividing, they need to know how marital property is determined and how that can affect what property they may be awarded.
In some states, marital or community property is defined as any and all property that the couple acquired during the marriage. A good example of this would be the home both parties resided in during the marriage. Often times couples purchase their home after they are married, which makes it marital property. If they divorce, this property may be divided evenly. This can also apply to vacation homes, rental properties and businesses.
Anyone currently planning to divorce and who has high net worth assets should contact an attorney. There is often confusion about what is marital property and what is community property, but an attorney can help clear up any confusion. Your spouse may want to walk away with everything, but if you fight back and prove that your property is separate, they may not be able to.