Consequence of Removing Marital Property Before Divorce

Marital property is all property that either spouse obtained during the marriage. It does not matter whether the property is titled in the name of one spouse, both spouses, or neither spouse. The property’s character (whether separate or marital) is determined as of the date of divorce.

If someone plans to divorce, they may want to remove some of your marital property before you file for divorce. For example, they may wish to extract money from a joint bank account or transfer ownership of a vehicle into your name only.

They may be tempted to remove marital property because they think it will give you an advantage in the divorce. This post will discuss the consequences of eliminating marital property before the divorce.

 

What Happens if You Remove Marital Property Before Divorce?

It is important to note that removing marital property before the divorce can be considered hiding assets. Hiding assets is a serious offense that can have severe penalties. If you are caught hiding assets, the court may order you to:

• Return the hidden assets to your spouse

• Pay a fine

• Go to jail

In addition, if you are caught hiding assets, the court may order that your marital property be separated evenly between you and your spouse (instead of splitting it based on who owns what). This means you could end up losing out on a property you would have otherwise been entitled to.

How to Protect Your Interests in Marital Property

If you are planning to divorce, you can take steps to protect your interests in marital property.

First, you should consult with an experienced divorce attorney. An attorney can help you understand your rights and options under the law.

Next, you should prepare a list of all the assets you and your spouse own. This list should include both separate and marital property. Once you have made a list of your assets, you and your attorney can determine which assets are most important to you and how to protect your interests in those assets best.

Finally, it would be better to remember that removing marital property before a divorce can be considered hiding assets. If caught hiding assets, you could be subject to severe penalties.

What Is Included in Marital Property?

Marital property is all property that either spouse obtained during the marriage. It does not matter whether the property is titled in the name of one spouse, both spouses, or neither spouse. The property’s character (whether separate or marital) is determined as of the date of divorce.

Marital property includes:

• Homes

• Cars

• Furniture

• Clothes

• Bank accounts

• Retirement accounts

• Investment accounts

If you doubt a particular asset is a marital property, you should speak with an experienced divorce attorney.

What is Dissipation?

Dissipation is the use of the marital property for a non-marital purpose. Dissipation can occur when one spouse uses marital property for their benefit instead of for the benefit of the marriage.

For example, dissipation may occur if one spouse uses marital funds to gamble, buy drugs, or to engage in an extramarital affair. Excess may also happen if one spouse sells the marital property without the other spouse’s knowledge or consent.

The court may award the dissipated marital property to the innocent spouse if dissipation is proven. The court may also order the guilty spouse to pay restitution to the innocent spouse for the value of the dissipated property.

How is Marital Property Divided in a Divorce?

The court will divide the marital property in a fair but not necessarily equal way.

When deciding how to divide marital property, the court will take into account several variables, including:

• The length of the marriage

• The ages of the spouses

• The health of the spouses

• The earning capacity of the spouses

• The need for spousal support

In some cases, the court may decide to award all of the marital property to one spouse. In other cases, the court may choose to divide the marital property evenly between the spouses.

It is important to note that the court does not have to divide the marital property equally between the spouses. The court will only fairly divide the marital property, considering all relevant factors.

Final Words

You should also make a list of all of the assets that you and your spouse own. This list should include both separate and marital property. Making a list will be helpful in many ways. It will help you keep track of what property is considered married and also give you a way to start thinking about which assets are most important to you.

If you have any further questions about your divorce or about removing marital property before divorce, you should consult with an experienced divorce attorney. An attorney can help you understand your rights and options under the law.