Removing Marital Property Before Divorce: What You Need To Know

The Importance of Understanding Property Division Laws

Divorce can be a complicated and emotional process, especially when it comes to dividing property. In most cases, marital property is divided equally between spouses. However, some individuals may try to remove or hide assets before the divorce process begins. It is important to understand the laws surrounding property division to ensure a fair and equitable outcome.

What is Marital Property?

Marital property refers to assets acquired during the marriage, including real estate, vehicles, retirement accounts, and personal belongings. Any property acquired before the marriage or through inheritance or gift is considered separate property and is not subject to division in a divorce.

What are the Consequences of Removing Marital Property Before Divorce?

Removing or hiding marital property before divorce can have serious consequences. It can result in legal penalties and may impact the outcome of the property division process. In some cases, it can even be considered a criminal offense.

Legal Ways to Remove Marital Property Before Divorce

While removing marital property before divorce is generally not recommended, there are some legal ways to do so. These include:

Selling Property

Both spouses have the right to sell marital property during the divorce process. However, any proceeds from the sale will be subject to division as part of the property division process.

Transferring Property

Spouses can also transfer marital property to one another or to a third party during the divorce process. However, any transfers must be done in accordance with state laws and must be disclosed during the property division process.

Protecting Your Assets During Divorce

To protect your assets during divorce, it is important to take the following steps:

Inventory Your Assets

Make a list of all marital and separate property, including real estate, vehicles, bank accounts, retirement accounts, and personal belongings. This will help ensure that all assets are accounted for during the property division process.

Consult with an Attorney

An experienced divorce attorney can help you understand your rights and options when it comes to property division. They can also help you navigate the legal process and ensure that your assets are protected.

Be Transparent

It is important to be transparent and honest about your assets and financial situation during the divorce process. Hiding assets can result in legal penalties and may impact the outcome of the property division process.

The Bottom Line

Removing marital property before divorce is generally not recommended and can have serious consequences. It is important to understand the laws surrounding property division and to take steps to protect your assets during the divorce process. By working with an experienced divorce attorney and being transparent about your financial situation, you can ensure a fair and equitable outcome.