As you embark on the divorce process, whether you are the spouse requesting the divorce or the spouse being served the divorce, it’s common to starting thinking about everything that’s at stake. You may have built a business from scratch that pre-exists your marriage, or perhaps you made great investments prior to your “I do’s” that have paid off handsomely in the years to follow. It’s natural to what to protect yourself as much as possible. Often, the first question will be what is considered non-marital property in a divorce.
Non-marital and marital assets are usually treated very differently in the asset division, or property division phase of divorce. If you are going through court for your split, then they will assess your property and depending on the outcome, this can make a significant difference to the overall proceedings. Matrimonial assets are usually assets that have been built by partners during the marriage. This is done from the date of cohabitation, insofar, that the cohabitation progressed seamlessly to marriage. This is measured up until the final date of separation.
Premarital assets are their own category and are otherwise known as non-matrimonial assets. Non-martial property may have been:
· Brought into the marriage by the spouse
· Were owned prior to the relationship starting
· Acquired through unilateral means
The assets listed were not built within the time scope of the marriage but were owned prior to the marriage. If one party has contributed a lot of premarital wealth to the marriage, then this will be considered when considering the best way to split assets. Non-matrimonial assets will also be assessed to see if they have become syndicated with the matrimonial pot. This can usually relate to businesses that were founded prior to the marriage, as well as inheritance and property.
There is one exception to this rule, and that would be your family home. This is considered as its own entity and therefore is usually shared equally between the parties involved, regardless of what the legal ownership is. If you are not the legal owner of your family property, then it is possible for you to evoke your matrimonial home right. This will protect your right as the legal owner, in terms of being a spouse, and it will allow you to stay in the property until a conclusion has been reached regarding the financial proceeding.
Let’s Talk About What Is Considered Non-Marital Property In A Divorce
Occupation of a Family Home After Divorce
It is possible to regulate the occupation of a family home after separation. This is done via an occupation order. Premarital assets are not subjected to equal sharing right away. For this reason, it is often the case that the party who bought them into the marriage can keep them. If the assets meet the needs of the spouse, then the court may invade them. This may mean that they are divided in the financial settlement. The courts will always take into account the standard of living that both parties have enjoyed throughout the marriage when contemplating the needs of both spouses for the future.
Stocks, Bonds, and Investments
Stocks and bonds are usually analyzed in the same way as property. The first thing that you need to do is try and determine if the investments that you have are marital property or if it is separate. Generally, separate is what you happen to obtain before you were married. Marital property is everything you obtained during your marriage. It doesn’t matter who is listed as being the owner on the stock certificate, nor does it matter who owns the investment account. If the asset was obtained during the marriage, then most of the time, it will be classed as being a marital asset and therefore it will be thrown into the pot, alongside your home or your vehicles. A judge will then decide how much of the property each person is entitled to.
Businesses
Business interests will only be viewed as being a matrimonial property if they were set up after the marriage. Any increase in the value of your business, while you were married, may well be counted as being matrimonial property. A lot of this depends on the worth of the business, the time it was set up, how profitable it has been, and the spouse’s contribution. Usually though, this rule will apply.
Getting The Support and Experience You Need
Going through a divorce can be a tumultuous time. The question will come up sooner or later about what is considered non-marital property in a divorce. The outcome could well change the relationship that you have with your children, your net worth, and your home. For this reason, you will want to find an attorney who you can count on to handle the situation for you. We are here to help you with that, by guiding you through the steps you need to take to protect your assets as much as possible.
We have over 100 years of combined experience and we are confident that we have the experience required to approach your complex case with diligence and professionalism. Want to find out more? All you have to do is give us a call at (332) 262-7074 and we will do everything we can to help. Your initial consultation with us will always be free of charge.
