Marital Property Law
Marital property agreements can provide the terms of ownership and use of property and income during the marriage, at death and at dissolution of the marriage. In the event of death, the marital property agreement reflects the deceased partner's agreement with the living spouse about their property.
Where a couple has a marital property agreement at the time of the filing for divorce, the existence of the agreement is pled in the Petition for Divorce. Sometimes one party will challenge the enforceability of the marital property agreement. If it is upheld or not challenged, the applicable terms will be included in the final Judgment of Divorce.
Where there is no marital property agreement at the time of the filing of a divorce, there is a presumption that property will be divided equally. The assets of a marriage take the form of real estate, automobiles, other tangible assets, and financial investments,but may include any form of asset and even intellectual property rights. As a general rule, property gifted to a party by a person or entity other than the spouse and property inherited by a party is not includible or divisible in the marital estate. Determination of whether an asset should be included in the marital estate or whether there is a basis to divide the marital estate in a manner other than equally requires careful analysis of the assets and liabilities you will report on theFinancial Disclosure Form.
Can Final Marital Settlement Agreements Be Unequal?
The presumption of an equal division of property can be rebutted depending on a number of circumstances including a valid marital property agreement, property brought to the marriage, marital waste, and other factors. If you believe you have a right to an unequal division of property in your divorce, you will want to gather the documentation that supports your claim and discuss it with your family law attorney.
What Do I Do Next?
If you are prepared to move forward with a divorce, Attorney Reiley is prepared to help you. Often times, Attorney Reiley's clients remark that they were relieved to revive and keep their sense of humor on the way to final resolution of their family law matter.
Whether you are embarking upon a heated and heavily contested divorce, a mutually desired stipulated divorce, or need the services of a mediator to mediate an issue or prepare you for a mediation meeting, you will undoubtedly appreciate the trial and mediation record of Attorney
Call Attorney Kathleen Reiley (414-369-6309) or send Kathleen Reiley an email.