Property division can be a complicated process when it comes to divorce. As a general rule, couples need to divide their marital assets. This includes assets that they have purchased together, money they earned during the marriage and things of this nature. For many couples, almost everything they own is a marital asset.
That being said, it is also possible to own separate assets. These are things that one person owns individually and may not have to divide with their spouse during a divorce. Examples could be an inheritance given to one person directly by their own parents, or money that a person brought with them into the marriage.
Mixing assets together
Commingling is the process of mixing assets together. Once they have been mixed, it can change their status. For instance, say that someone gets a $10,000 inheritance from their parents. Even if they were married, that ordinarily starts out as a separate asset.
But if the person deposits the $10,000 into a shared bank account where the couple keeps their joint funds, this gives their spouse access to that money. It may be used to pay the mortgage or buy groceries. Because the funds have been mixed together, the entire account may now qualify as a marital asset that has to be divided.
On the other hand, if the person had opened a personal bank account and deposited their $10,000 where only they could access it, it may remain a separate asset. That could mean that it does not have to go through property division.
Addressing a complex divorce
If you and your spouse are getting divorced, issues like this can certainly complicate the process. Make sure you know what legal options you have moving forward. Seeking legal guidance can help.
