Financial Advice: Divorce Proof Your MarriageFinancial Advice: Divorce Proof Your Marriage

About Me

Financial Advice: Divorce Proof Your Marriage

This is Nathaniel B. Thank you for landing on my page. Allow me to introduce myself. I am a bank manager who has been happily married for the over thirty years. I am grateful that my job and stable marriage have allowed me to become financially comfortable in middle-age. Unfortunately, many of my clients have not been so lucky. I listen in despair as I hear the familiar tale. They got divorced, rushed headlong into second marriages that also broke down, and ended up with major debts. My exasperation stems from the fact that a few legal precautions before racing up the aisle would have allowed my clients to remain solvent. I have compiled this blog to highlight the importance of having a good lawyer in your life. I hope you find the advice interesting and it motivates you to explore legal issues when making life decisions. Take care.

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Divorce: What You Should Know About Community Property

One of the most sensitive areas of a divorce proceeding is the apportioning of property.  Now that you and your spouse have established your irreconcilable differences, here is what the law states when it comes to defining your property and sharing.  A property lawyer is essential during the proceedings.

Community Property

All the property you and your spouse have acquired during your married life is what is referred to as community property. Some examples of such property include money earned by both you and your spouse, all furniture purchased during the period of your marriage as well as interests and income earned from businesses and investments. Your mortgagees and family home(s) also form part of the community property.

Separate Property

All your assets earned before marriage are yours; your spouse has no legitimate claims.  All properties and money received as a gift to you personally during your marriage also belongs to you entirely. In case you were able to acquire property while being separated from your spouse, that property belongs to you alone. If during the course of your marriage you were awarded damages or compensation as a result of personal injury by another party, the proceeds belong to you alone. Any property you acquire after dissolution of the marriage is also yours alone.

Partial Community Property

In some instances, property that you thought was separate can be deemed partial community property. Property owned before your marriage--separate property--will be termed marital property if it has been co-mingled with marital property. Consider, for instance, that you inherited money when you were married. If the inherited amount was deposited into a joint account or if you deposited marital funds into an inheritance fund then there was comingling, and the money can no longer be separate property. Although you may argue that as much as your inheritance was deposited in a marital fund you had no intention to share the same, the burden of proof is very high for your lawyer.

Division Of Property

Community property is not split on a 50/50 basis. In making the determination of how to split such property, the judge considers marital fault, age difference, earning disparities, loss of continued benefit and custody of children.

The judge will determine whose fault it is that the marriage has ended. If it is as a result of infidelity, the judge will not be lenient on the aggressor. In case of age difference, the court will not frown much on the younger spouse nor will it be too generous to the retiring spouse. If you have been granted sole custody of your children and earn less than your spouse, the court will likely grant you more property. Where you stand to lose continued benefit as a result of divorce, the judge may also rule in your favour.

For more information, contact a law firm, such as David Gibbs & Associates.