What happens to my home and assets in a divorce? It depends on whether the home and assets are marital. Marital property, in a nutshell, is all property purchased during the marriage using income or funds received during the marriage. Clients often ask me, "does it matter if I used my paycheck to purchase the home, car, fund the retirement account and my spouse stayed home?" The answer is NO. To illustrate, think of your life before, during and after divorce as being 3 pizzas that you purchase. The pizzas you purchase while you are unmarried or after divorce, are entirely yours. You can do whatever you want with them, you can order whatever toppings you want. The pizza purchased during the marriage, even with your own paycheck, is for you and your spouse. He or she helps decide what toppings to order - in fact, her or she may even require to to give up your favorite topping. Face it, the marital pizza is only half yours.
Are there any exceptions to the rule? Yes. If during the marriage one spouse receives a gift or an inheritance, that gift or inheritance generally remains that spouse's property and is not generally part of the division of property. There are exceptions to this rule, however, such as when the gift or inheritance loses its identity by placing into joint accounts and mixed with other funds. Mixing funds can cause problems for your attorney in separating what is marital or non-marital. #maritalhome #maritalassets #equaldivision
An experienced divorce attorney can help you strategize in dividing these assets to your advantage.
For more information, all 440.930.4001 and ask for Attorney Anthony R. Pecora or email him at email@example.com