Identifying Commingled Assets In Your Divorce
When going through a divorce, you may quickly recognize how complicated asset division can be. When it comes to separating property, it can be easy to divide the assets that solely belong to a single spouse, but what about the assets that both spouses have a claim to? Commingled assets in a divorce are hard to separate, but identifying them is the first step in doing so.
Here at Hoge Partners, PLLC, we are a Louisiana family law team dedicated to helping people like you through even the most challenging divorces. Our team has three decades of combined experience in family law representation, and we know how to untangle even the most complicated divorces. One of these challenges includes separating commingled assets.
When Do Assets Become “Commingled?”
To understand separate and commingled property, it helps to think of the married couple as a single unit, rather than two people. The assets each spouse acquired before marriage are separate assets, even if they still own them during the marriage. For example, if one spouse owned a set of collectible baseball cards before the marriage, it is solely their property, even in marriage.
The assets that the married couple acquired during the marriage are commingled assets. Division of these acquisitions may seem simple at first, but it can quickly become complicated and a cause for major disputes. For example, if you came upon a windfall of money during your marriage, say by winning it at a casino, but put the funds into a joint account that you share with your spouse, those funds are now commingled assets.
How Can You Sort Things Out?
Whether you are trying to identify what assets of yours may come onto the chopping block in your divorce, or you need help negotiating to protect what is yours, contact our firm today. We are not afraid to fight for your best interest, and we ready to help you.