A common question from individuals involved in a
divorce case (or contemplating filing) concerns what property, assets and
liabilities are considered part of the marital estate. The quick answer to that question is assets
and liabilities accrued from the date of marriage to the date of the filing of
Petition for Dissolution can and likely will be considered divisible between
the parties.
As with many areas of family law, there is no bright
line test for this evaluation and there are exceptions to the quick answer
rule. For instance, assets or funds
inherited by one spouse during the marriage may be removed from the valuation
of the marital estate. If the benefactor
wanted to bequeath the funds on both parties, provisions certainly could have
been made to do so. If that did not
occur, then the funds will likely be deemed to be solely the beneficiary’s
property.
In addition, property that was owned or accumulated
prior to the marriage can be considered separate property. For instance, the balance on a 401(k) as of
the date of marriage can be argued to belong to the individual who accumulated
the funds. If the balance was $10,000 as
of the date of marriage and is $30,000 as of the date of filing, then it may be
argued that only $20,000 should be considered as part of the marital estate.
The examples discussed are just a few of many
potential variables to consider when valuing a marital estate and it is
important to consult an attorney if you have questions concerning what you may
or may not be entitled to in the event of divorce. The linked article goes to a brief, but good
discussion, on factors that could play a role in your case.
