In the years that you and your wife have been married, you accumulated property and debt. Since you and your spouse equally own all of your marital property, there is a possibility that you could lose half or even more of your assets. A prenuptial or a postnuptial agreement could prevent this.
There are several things you can do to avoid losing a lot of the assets you worked so hard to acquire.
List All Your Separate Assets
Separate assets are the property that you acquired before the marriage. Any inheritance, gifts, and personal injury compensation you got during the marriage are separate assets. The gifts you received must have been in your name because if you were supposed to share it with your wife it would be considered community property.
Any personal injury settlement awarded to you personally is also separate property. For couples with prenuptial agreements, there is often a list of assets designated as separate property in the agreement.
How To Avoid Wife Taking Half
Focus On What Matters Most When Considering Your Marital Assets
Your marital assets or community property is everything that does not qualify as separate assets. The court will divide marital property between you and your wife. Since both of you equally own this property, the court will divide it in a just and right manner.
So, prioritize what you are going to fight for and identify the items that you are willing to concede or keep. You must also consider what your wife will prioritize and is willing to fight for. This will make it easier to build a strategy to find a solution that will work for both of you.
Consider how the property division will affect things like alimony, tax benefits, and other financial components in your divorce.
How To Leave My Wife Without Losing Everything
Ideally, you and your wife can reach an agreement on how to divide your marital property and debts in a manner that is fair to both of you without involving a third party. You can always choose mediation or collaborative divorce if you cannot agree on how to divide your marital property.
The only other option if all these methods fail is going to court.
Strategize And Stay Firm
How To Avoid Splitting Property In Divorce
You will be in a better position to put together a solid plan if you already know your spouse’s priorities, identified your separate assets, and thought about your desired outcomes. Talk to your lawyer to help you decide your best-case scenario and identify any roadblocks before they become a problem.
Once you know your priorities, you need to stand firm and not compromise. Compromising could jeopardize your financial future and limit the time you get to spend with your kids after divorce. Remember that your spouse’s lawyer will fight to ensure that your wife gets what she wants in the divorce.
For instance, there are cases where a wife claims that your separate property is actually marital property. That may include a gift you received during marriage or something you inherited. Your lawyer can help you prove that that property should be classified as separate property.