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Marital Property Agreement

Marital property agreements occur when a married couple enters into divorce and both agree to how the property acquired during the marriage will be divided. Without this agreement, the court will make the decision on how the marital assets will be divided. State laws pertaining to marital property will vary so it is important to search the law in which the couple was married. To learn more about marital property agreements and marital property law, take a look at the questions below that have been answered by Experts.

What should I include in a marital property agreement when I know he has committed fraud with a third party?

Usually, you can have a marital settlement agreement adjusted if one of the people commits fraudulent acts during the split of marital assets. In some situations, it is more time consuming that worthwhile to search through the documentation to find where these hidden assets are. In many cases, the expense of proving the fraud far outweighs the amount that was hidden. It really depends on each situation as to whether or not it would be worth delving into.

My husband inherited property prior to his first marriage. He sold a portion of the land to his aunt after his first marriage. His aunt later gave the property back to him and his new wife. Is the land considered Marital Property that is to be divided equally?

By all appearances, it would seem that your husband's aunt gifted the property to him and his first wife. The property would be considered marital property and would have to be divided. The state in which the property is located will have laws pertaining to marital property distribution. Your husband owned the property prior to his first marriage, however if the aunt gave the property to the couple and the deed now reflects both names (husband and wife) it is considered marital property.

If your husband wishes to keep the property, he will have to make arrangements with the ex-wife to release her hold on the property in exchange for an agreed upon amount. If they two cannot reach an agreement, the property will probably have to be sold and divided according to the marital property laws of the state where the property is located.

In Georgia, would stocks or other property acquired before marriage that during the marriage increased in value be considered marital property in the event of a divorce?

Generally, stocks that are purchased before a marriage and increase during the marriage would still be pre-marital property. In the event of a divorce, any stocks that were purchased before a marriage would not be divided in the event of a divorce. Georgia law views any pre-marital property as just that and generally will not allow a spouse to seek a portion of it. Many people try to claim that since the stocks gained value during the marriage, the spouse should receive a portion of the excess. However, Georgia law stands firm about premarital stocks and investments should remain exempt from division.

My husband plans to leave me with the marital property as well as the marital debt. His income is the only marital income. What can I do?

When you file for divorce, you can request that the judge award your husband half of the assets and half of the debt. Usually, a creditor will go after the person most able to pay off a debt. In your situation, your husband was the income that provided for the marriage. You will need to inform the creditors of your soon to be exes new address. Another option is to request spousal support so you will have a way to pay for the debt you are left with. If you still have trouble paying the debt, you may need to consider selling your portion of marital property to satisfy the debt.

My husband and I, along with his small business sends quarterly income tax payments from our joint personal checking account. Does this practice make the business marital property?

In order for the business to be marital property, it would have to be bought or managed by your joint marital income. If your husband's income is used to manage the business, a portion of this income would become a mixed asset. This means that while his business would be considered pre-marital property, his income that maintains the business is partially marital property. You would need to hire a Forensic accountant to sort out what percentage of the income would be deemed marital property.

Generally, the last event anyone wants to attend is divorce court. However, if you have to go through a divorce, you want to know your rights. Having a marital property agreement or knowing what marital property involves will benefit you during a divorce. If you have questions or doubts regarding marital property, you should ask an Expert for assistance.
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Recent Marital Property Questions

  • I have completed a separation agreement on Law Depot, and it

    I have completed a separation agreement on Law Depot, and it has been signed and notarized by both parties. I am located in Tennessee and am trying to purchase a home in my name only. I qualify for the mortgage on my own. I have one lender that says because I haven't filed for divorce and Tennessee is a community property state, my husband will have to sign papers and sign the deed of trust and that his name will be on the deed. A different lender tells me my separation agreement is sufficient to keep him from getting involved. My agreement specifies that all purchases after the signed date, including homes and property, are to be deemed non marital property and that the non purchaser has no rights or interest in the purchased items. Who is correct and am I covered and protected in Tennessee with my separation agreement alone? I am not ready to file for divorce.
  • An associate friend of mine and her husband were separated

    An associate friend of mine and her husband were separated for more than five years and she just found out today, July 24, 2014, her husband passed July02, 2014. They had a house and as for what I know, not one member of his family informed her of her husband's death. She is un-employed, caring for her mother and she want to know what is available for her as for the home, etc. and if there're further responsibilities required of her? Not being sure of any Insurance, if there is or are any.
  • New York State law, divorce impending, no actions yet, 18-yr

    New York State law, divorce impending, no actions yet, 18-yr marriage, wife inherited $18MM two years ago, now in a trust. There is a section 240 that applies the maintenance payments (alimony) but the issue is "income" for her. The mediator doesn't know the law very well -- he thinks the definition comes from the IRS. In NYS divorce actions, a different definition is applied -- mainly, unrealized gains (like not taking distributions from the trust) ARE income. The real question is this: The trust is not marital property. The issue is whether the undistributed gains in the trust are "income" for divorce purposes when the trust itself was inherited. She is the co-trustee. I've gotten split opinions from four attorneys now.
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