People who have decided to go through the process of Divorce have to be aware of the laws governing the ownership of their property. No one wants to part with their property. Family lawyers insist on classifying the property into two broad categories-the marital and non marital property. The property amassed during the period of their marriage is known as marital property. An equitable distribution of property is mostly sought after in a Divorce.
Non Marital assets
Gifts or inherited property received before marriage is considered as non marital assets. This should be protected by a valid pre-marital agreement. It is very cumbersome to ascertain the non marital nature of an asset during the process of Divorce. Skilled family attorney can sort out this mess in the following ways.
An expert financial planner or accountant can act as a witness to trace the non marital money. A level of consistent demarcation should always exist between the marital and non marital assets.
Even if comingling has occurred you can still maintain its unique non marital identity in the eye of law. Sometimes the comingling can be explained with valid reasons. In such cases the assets can still enjoy their marital property status. For a brief period of time your non marital assets can become integrated with your marital funds. In such cases its non marital status remains uncompromised.
It is very essential to keep a track of all the necessary documents. Financial experts can show you the right path.
A competent family lawyer can help you to safeguard your interests in every possible way.
References: Trial Separation Before Divorce