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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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