Property division is a major part of the divorce proceedings, as people want to ensure that their futures are financially secure with respect to property. One general rule is that what you owned prior to being married is not considered marital property. Marital property is all of the things that the couple acquired during the life of the marriage. This is sort of a bright-line test for property division in divorce proceedings. It gives the courts guidance when dealing with property matters and clearly defines what is and what is not considered marital property.
Eliot Spitzer, a well-known business figure, and his wife of 27 years officially are calling it quits. They recently filed for divorce. Because of Mr. Spitzer’s financial worth, this can easily be considered a high asset divorce. With that being said, the parties will have to determine through their legal representatives what is and what is not marital property. After the proper filings are made with the court, motions may or not may be heard on the matter, leaving the final assessment in the court’s hands if it is contested.
It may be a difficult task to make a clear demarcation between marital and non-marital property. This is the case especially in situations where the couple has been married for a number of years. The longer the marriage, the more things are intertwined, thus making property division a lengthy process. Coming to a common ground with your soon-to-be-ex-spouse is probably the best way to handle property division. However, if this is not feasible, then court involvement is inevitable.
Divorce can be a complex issue with a lot of different variables. Awareness and knowledge of what is going on with your divorce are paramount to protecting your rights.
Source: Newsday, “Eliot Spitzer, wife file for divorce, sources say,” Anthony M, Destefano, Jan. 15, 2014