As per law, the property that has been awarded to you from your ancestors as an inheritance or personal gift will be considered separate property.
When you’re going through a divorce, assets will play a massive role. Apart from identifying the assets, you also need to value them properly. You need to ensure you’re choosing the perfect assets as per the law. Anything that holds a real value will be considered an asset in your divorce settlements. Additionally, the assets can also be considered tangible items that can be sold or purchased, such as furniture items, properties, jewelry, and cars.
However, many people overlook the importance of arts and collectibles as their value can be hard to manage. But you need to ensure you’re paying close attention to them as some of them might prove super expensive. Insurance policies, cash balances, security deposits, bonds, and stocks can also be considered an asset in your divorce case. In this article, we will discuss what assets will be protected from your divorce settlements.
Even though the house can be considered an asset, the property that was purchased before the marriage will be inaccessible to the spouse. However, keep in mind that just because you’ve purchased the property before doesn’t mean the rule cannot change. If the property is marital or commingled, you need to think twice. For instance, a bank account will be considered an asset of the spouse, who has also added money to the account that has been used for different aspects of life.
Apart from that, premarital property that boosts the overall value from the contributions of your spouse might also face issues being protected as an asset. Depending on your state, the property might be considered an asset.
Inheritances and Gifts
As per law, the property that has been awarded to you from your ancestors as an inheritance or personal gift will be considered separate property. This means that this specific type of property cannot be divided under any circumstances. But keep in mind that most state laws mandate that the person who wants to use a property separately needs to prove it. This means that you need to prove to the court that the property has been inherited or gifted by someone. You might need to show a deed or will that indicates the property was given to you individually, not as a couple.
Property as Per an Agreement
If the spouse doesn’t want to follow the default rules permitted by the state government, they can negotiate with their partners. They might seem complicated due to the event of divorce through negotiation or mediation. The spouse must take the necessary steps to understand how the property will be divided after their marriage. Depending on the needs, the judge might agree to include this in the divorce settlements.
Apart from that, the spouse can also enter into an agreement before marrying their partner. They might take a prenuptial agreement that will determine how the property will be divided in case of sudden death or divorce. As per Merriam-Webster, prenuptial agreements come with some specific procedures that should be followed at any cost.
These assets will be protected from your divorce settlements. Do you have any other questions? Make sure you let us know.