Assets after separation


#1
  1. Your ex would only have rights to anything from this business if you were in school for this business during the marriage and she had the only marital income. EX: If you went to medical school during the marriage and your wife worked to cover all expenses and then after the separation you opened your own practice…your wife could be entitled to alimony based on future income.

  2. You will need to have her sign a quit claim deed in order to purchase property prior to absolute divorce. Otherwise, legally, her name should be jointly titled on the deed. She is not entitled to anything from the new home, or even from the sale of the current residence if it was not the marital home.


#2

stepmother, I don’t quite understand why she would have to sign a quit claim deed on property acquired after separation. How would she get on the title of real property he purchased after separation? I don’t deny having her sign a Quit claim is not a good idea.


#3

I may be wrong about this but I had thought that property purchased while legally married would legally have to have both parties names on the deed…(?)
If there is a separation agreement drawn up this is probably not necessary, but there was no mention of that in this post…


#4

I was definetly not in school for this business at all, it’s a new venture that I got extremely lucky with a couple of connections, and used my knowledge of my past business to help me along. What is good is right now I am not making much yet, but I am starting to bill a lot of stuff out to customers. In a year from now it will be very profitable, so I think I am ok.

As far as the quit claim, I doubt she will do that so I might have to wait on the house purchase until the divorce is final.


#5

I think waiting till after the divorce is prudent, but it is my understanding that property or assets acquired after the date of the separation are separate property. The sticky part is when people don’t have separation agreements and the date of separation is in question.

50-20(b)(1):

“Marital property” means all real and personal property acquired by either spouse or both spouses during the course of the marriage and before the date of the separation of the parties, and presently owned, except property determined to be separate property or divisible property in accordance with subdivision (2) or (4) of this subsection. Marital property includes all vested and nonvested pension, retirement, and other deferred compensation rights, and vested and nonvested military pensions eligible under the federal Uniformed Services Former Spouses’ Protection Act. It is presumed that all property acquired after the date of marriage and before the date of separation is marital property except property which is separate property under subdivision (2) of this subsection. This presumption may be rebutted by the greater weight of the evidence.


#6

My attorney advised me to get a quit claim signed when purchasing a new house. I think technically since you are still married, she could leverage a claim against the property, especially if has value and not debt. She could force the sale of the property and the split of the proceeds. Either wait for the divorce or get a quit claim signed.


#7

Thank you all for the wonderful advice, I think I will wait until things are final before I purchase the home. Because of the situation at hand I am puuting about 50-60% as a downpayment on the home, so asset protection is key here.


#8

I have 2 questions regarding assets aquired after date of separation.

1 - I started a new business about 6 months after my stbx and I separated, it is taking off like crazy, better than I ever anticipated. It will be about a year or so before I start actually seeing real serious cash flow and money, this will be long after the divorce would be final, is my stbx entitled to anything from the business in years to come?

2 - I am currently living in a townhouse which is rent to own. Since the business seems to be doing well I am considering buying a larger house, instead of ever purchasing the current residence,in the coming months. The new home will probably be purchased before the divorce is final. Is my stbx entitled to any of the new home?