Liquidating your marrital assessts
These orders often permit the use of assets for normal necessary expenditures but require court permission for larger expenditures.
If you need to make a significant purchase,you should discuss it with your family attorney or obtain the agreement of your spouse before proceeding.
Each state has a different set of rules for how assets and property are divided in a divorce, but generally, states can be categorized into one of two groups when it comes to how they divide property: Community property states require a 50-50 split of all “marital assets,” which includes any and all assets acquired by either spouse during the marriage.
Money and assets you had before the marriage aren't included in a community property split unless you “comingled” or mixed them with marital assets.
If you are undergoing a divorce, you may find yourself in the position of needing to make significant purchases, such as a more reliable vehicle to transport children, furniture to outfit a separate residence, or perhaps even a new residence.
When you purchase property (whether land or personal property) while a divorce is pending, a court may consider the purchase in dividing assets.
In a non-community property state, such as Oregon, property you or your spouse purchase during the pendency of a divorce is presumed to be marital property.
As such, the property is generally presumed to be acquired through equal contribution and its value subject to equal division.
Your state's divorce laws may have a mechanism in place for you to request a financial restraining order that prevents you and your spouse from dissipating assets during a divorce.If a court found that an equal division of the marital assets was not "fair and equitable" the court could then consider the value of your or your spouse's separate marital property, regardless of when purchased, in deciding to make an unequal award of the marital assets or to divide separate marital property.Courts in non-community property jurisdictions tend to be more likely to distribute a party's pre-marital or post-separation property or assets to achieve a "fair and equitable" result at divorce.If similar items are purchased during the pendency of the divorce and the source of the funds and the spending is not excessive or out of character, it is unlikely that a court will scrutinize the value of your respective personal property purchases to determine a fair property division.Judges do not want to waste court time dividing a couple's personal property.