When you first heard the wedding bells ring for you and your spouse, you felt your commitment to each other would last forever, for better or worse, right?
Unfortunately, as you and your spouse shared a marital home, it quickly became abundantly clear that your marriage would not last and the best path forward would be to divorce.
When couples divorce after being married for a short period, we often get questions regarding assets and property division. Here is what we often share with our clients about property division when the marriage has not been long-lived:
- From the first day you are married, your marital property (property acquired during marriage) generally becomes a 50/50 split
- Premarital properties are not often divided, unless there is a prenuptial agreement to the contrary
- If your spouse’s name was added to the premarital properties, they too could be divided equally
- If jointly owned property value increased during your short marriage, that increase could be subject to division as well
- Keep in mind that alimony could be difficult or short term
- If either of you were given property through a gift or inheritance before your marriage – it most likely would not get divided
- Property value differences are often what dictate how financial allocation will occur
- Sometimes the length of the marriage will dictate how properties are divided
When you choose the collaborative divorce method, property division becomes more straightforward and less litigated because a neutral financial professional will assist in splitting the properties you may share in a way that is agreeable to both of you.
A Better DivorceTM is an interdisciplinary group of professionals who are committed to non-court, non-confrontational solutions for family law matters.
Note: This information is general in nature and should not be construed as legal/financial/tax/or mental health advice. You should work with your attorney, financial, mental health or tax professional to determine what will work best for your situation.