What happens to property and assets during and after a legal separation?
- last year
A legal separation can be complicated, particularly concerning property and assets.
During the legal separation, spouses typically divide property fairly to both parties; this process is also called equitable distribution in many jurisdictions.
Every state has laws regarding how marital property should be divided, so it's important for those going through a legal separation to be familiar with their local regulations.
After the court finalizes the legal separation, any individual items of property or assets will belong exclusively to whichever spouse acquired them.
This includes homes, cars, investments, and other valuables.
If a retirement plan or pension was jointly owned during the marriage, it might need to be separated into identical entities depending on the state's rules.
Ultimately, going through a legal separation requires both parties to consult knowledgeable professionals familiar with their local regulations.
For more information, contact Soren Law Group at 718-815-4500
Soren Law Group
One Edgewater St Suite 304, Staten Island, NY 10305, USA
(718) 815-4500
LINKS
https://sorenlaw.com/
https://www.google.com/maps?ll=40.619273,-74.068301&z=13&t=m&hl=en&gl=PH&mapclient=embed&cid=10984237197032788339
https://www.google.com/maps?cid=10984237197032788339
✏️Topics in this video:✏️
What happens to property and assets during and after a legal separation?
During the legal separation, spouses typically divide property fairly to both parties; this process is also called equitable distribution in many jurisdictions.
Every state has laws regarding how marital property should be divided, so it's important for those going through a legal separation to be familiar with their local regulations.
After the court finalizes the legal separation, any individual items of property or assets will belong exclusively to whichever spouse acquired them.
This includes homes, cars, investments, and other valuables.
If a retirement plan or pension was jointly owned during the marriage, it might need to be separated into identical entities depending on the state's rules.
Ultimately, going through a legal separation requires both parties to consult knowledgeable professionals familiar with their local regulations.
For more information, contact Soren Law Group at 718-815-4500
Soren Law Group
One Edgewater St Suite 304, Staten Island, NY 10305, USA
(718) 815-4500
LINKS
https://sorenlaw.com/
https://www.google.com/maps?ll=40.619273,-74.068301&z=13&t=m&hl=en&gl=PH&mapclient=embed&cid=10984237197032788339
https://www.google.com/maps?cid=10984237197032788339
✏️Topics in this video:✏️
What happens to property and assets during and after a legal separation?