Property division has the potential to be one of the most contested details of your divorce. Both you and your soon-to-be ex-spouse are fighting tooth and nail for every asset, so you’re sure to clash at some point.
As you prepare for divorce, make note of the difference between separate and marital property.
Separate property is classified as assets that you own solely. Marital property, on the other hand, is assets you own jointly with your spouse.
Here are some of the steps you can take to protect separate property in divorce:
- Create a checklist: This checklist should outline all of your assets, both separate and marital. Doing so will give you a clear idea of the assets that are not subject to property division.
- Find proof: You can’t simply argue that an asset is separate, not marital. You must back it up with proof. For example, if you brought a car into the marriage that was paid off, a copy of the title is enough to prove that you’re the only owner.
- Don’t co-mingle assets: This is where many people get into trouble. When you co-mingle assets in your marriage, it’s more difficult to prove that it’s separate property.
Don’t let your guard down
There’s a good chance that you’ll face resistance in regards to property division. That’s why it’s so important to take the necessary steps upfront to protect your legal rights.
Once you know what is and isn’t separate property, you’re in better position to formulate a plan that will give you peace of mind.