Sentences with phrase «assets during the separation»

A lawyer can advise you as to your rights and help you navigate the division of assets during the separation process.

There is a major drawback to having a separation agreement; if you have a devious spouse then he can hide and dissipate the marital assets during the separation period.

Not exact matches

A: Unfortunately, Jeanne, when you are negotiating a separation agreement for a long - term marriage, every asset grown during the marriage is up for grabs.

For example, if the parties execute a separation agreement that resolves the manner in which certain financial assets will be divided, this matter will not need to be resolved during the divorce process.

These rules, which are contained in the Family Law (Scotland) Act 1985, are designed to ensure fair sharing of the assets (or debts) which have been built up during marriage and which are still in existence at the point of separation.

This will prevent the couple's assets and debts from being further intertwined during the separation period.

In some states, however, courts value these assets at the date of divorce rather than the date of separation; check with a local family law attorney to find out how your state's courts value assets during a divorce.

These agreements establish the guidelines for how you and your spouse will treat such issues as your finances, debts, assets or property division and spousal support during your relationship and in the event of a separation.

In general terms matrimonial property includes all assets belonging to the parties individually or jointly which was acquired during the period of marriage and held as at the date of separation, less any debts similarly held by the parties individually or jointly as at that date, subject to a few exceptions.

Separate property includes an inheritance to one spouse during the marriage; property acquired by a partner before the marriage; passive income and appreciation acquired from separate property during the marriage; property acquired by one spouse after a decree of legal separation; property excluded from the couple's marital property by a premarital agreement; a spouse's personal injury compensation, except for loss of earnings during the marriage and compensation for expenses paid from marital assets; and any gift given to only one spouse.

Marital property is defined as any property obtained during the course of the marriage and does not include inheritances, gifts or assets acquired after separation.

Additionally, a separation agreement should typically discuss who is living in the marital residence and how the couple is handling debts, assets and shared property during the separation.

During the separation, any assets that are accrued by either spouse are still considered marital property and as such, are held jointly.

During a legal separation, couples pay attorney fees, court costs and mediation services when determining division of assets, alimony, child support and custody agreements.

The separation agreement could effectuate a «freeze» on all of your assets and debts that were acquired during your marriage.

Even though you and your spouse may be friendly and everything is amicable, if you have any assets that accumulated during your marriage, even if you have kept most or all of your finances separately titled, you may still need to have a Separation and Property Settlement Agreement (Marital Settlement Agreement) to be sure you are protected in the future.

Moreover, if your separation agreement incorporates non-dissipation language, then your spouse can't liquidate your bank accounts or any other assets that were acquired during the marriage.

Therefore, it is imperative that the marital assets, credit card bills, and home equity lines of credit be frozen during the separation period.

A spouse is also prohibited from disposing or converting marital assets during the legal separation.

During the separation of their assets and debts, called equitable distribution, we focus our efforts on ensuring that each it is balanced.

California's community property law basically includes as «community property» all assets and debts and income acquired during a marriage, before permanent separation.