During a marital relationship, everything is shared. There is an equal partnership under the law. The two of you share childcare, household management and even the earnings from the income that you both bring in. When the marriage ends, as it sometimes does, the partnership is over and the property must be divided.
Any property that you obtain or buy while you are married is equally divided 50/50. If you had property or assets that you brought into the marriage, they are considered yours alone. Any type of increase in the value of that property belongs to both of you equally.
There are some exceptions to this law. Consulting an attorney before you get to this point is a good idea. This individual can guide you through the process of getting what is rightfully yours.
One exception is gifts that you got from someone other than your spouse during the marriage. Another is any type of inheritance that you may have received while married. Any insurance money that you got when one of your loved ones passes away is also exempt from being shared. Finally, if you have any type of recompense from a settlement from a car accident or a personal injury, you are entitled to keep that money.
The law states that in the case of a divorce, the value of the family home has to be shared. If you owned the home before you were married, you still have to share the value with your soon-to-be ex-spouse.
You and your spouse can agree on a different split if you want to but it is always best to consult a lawyer before making any type of agreement. Our law office has the experience and knowledge that you can count on. Call us before you make any big decision about your marriage. We can help.