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Why You Shouldn't Hide Assets – It Can Amount to a Crime and You'll Probably Get Caught
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Courts in equitable distribution states will usually look at a variety of factors, including the length of the marriage and each spouse's contributions (both financial and on the home front) when determining who gets what.
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Each spouse is entitled to a share, but not necessarily half. Equitable Distribution StatesĮquitable distribution states aim to split everything up "equitably" or fairly, based on the particular circumstances of the marriage. Check with a local attorney for more information. Again, there may be some legal distinctions depending on the particular community property state you live in. The other exception to the general rule is that inheritances, gifts received during the marriage, and money judgments from personal injury claims all remain separate, and will not be considered community property (unless comingled). If you moved that $50,000 into a joint account holding marital funds and then used it to buy or improve a home, you've mixed the money and it will generally be considered part of the marital estate: however some states may still treat this as separate property with a right to reimbursement if you can trace it back to its separate property source. Money and assets you had before the marriage aren't included in a community property split unless you "comingled" or mixed them with marital assets.įor example, if you had $50,000 in your name before the marriage and kept it separate, it is yours. Each state has a different set of rules for how assets and property are divided in a divorce, but generally, states can be categorized into one of two groups when it comes to how they divide property: Community Property StatesĬommunity property states require a 50-50 split of all "marital assets," which includes any and all assets acquired by either spouse during the marriage. The primary reason people want to hide assets before divorce is because the law requires a split of marital assets when a couple divorces. Of course, hiding assets before divorce is a terrible idea- no matter how tempting it may seem- and it can get you in a whole host of legal trouble. If you have a significant amount of cash or assets, it can be very tempting to try and hide those assets from your spouse, especially if you're angry at your spouse or if you believe you worked for the assets and are entitled to keep them all. If you're contemplating a divorce, you may be concerned about how your money and property will be divided.