Asset and Property Issues
WATCH: If both spouses co-own a business together, how will it be divided on divorce?
WATCH: In a divorce case that involves a business, how is support determined?
WATCH: Who decides what is marital and what is separate property?
Who decides what is marital separate property?Jesse G. Pace answers:
What happens if both spouses want to keep the marital home?
It depends how the property is titled. If the property is titled in one spouse’s name, only the spouse who owns the home can keep the property, because the court does not have the authority to transfer the home title in one spouse’s name to the other spouse
How will multiple properties be divided upon divorce?
If a home is owned by a spouse prior to marriage, assuming there was no marital money contributed to the home during the marriage such as a payment to a mortgage or payments made to the upkeep of the property, this property would not be subject to distribution on divorce. But it could be considered […]
What do courts do to fairly distribute marital property?
All marital property is considered when dividing property during divorce; any business, professional practice, real estate, and retirement account. If one spouse has more marital property titled in his or her name then the other spouse, the court can grant the spouse with less marital property a monetary award. For example let’s say that the […]
How can a divorcing spouse protect their inheritance?
Property that is acquired during the marriage, by gift or inheritance by a third-party is nonmarital property. The problem that usually occurs is that the gift or inheritance is commingled with marital property so that you can no longer directly trace it to the nonmarital source. For example if a spouse inherits money and deposits […]
How are assets such as artwork, antiques, jewellery, and cars valued during divorce?
There are several ways to value that type of property. The parties can agree on the values, if they can’t agree either party can hire an expert to value the property. Also an owner of property is permitted to give an opinion about the value of the property. However with valuable artwork, jewellery and luxury […]
Can the court order one spouse to transfer marital property to the other spouse?
If property is titled only in the name of one spouse, then generally a court cannot order one spouse to transfer the property to the other spouse. However there are three exceptions, a court can transfer an interest in a pension, retirement account or other type of deferred compensation from one spouse to the other. […]
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