Most of the time, people wonder about the assets they share during their marriage. Some would ask if assets are divided if you’ve been married for years but have been legally separated for years? The court has a responsibility to ensure that the marital assets are divided fairly and equally. Marital assets are those assets that were acquired throughout the marriage. Most states consider any income earned by a spouse during the marriage to be marital property (also called “joint property” or “community property”). To put it another way, each spouse is entitled to a portion of the money produced by the other during the marriage (unless the couple has a valid prenuptial agreement that says otherwise).
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How Does the Date of Divorce Affect Property and Income Division?
After the date of separation, each spouse’s earnings become their distinct property. Money earned previous to the date of separation but not paid until after the date of separation is still considered marital property. When it comes to revenue, it’s all about when it was earned rather than when it was paid. In some situations, we may have to ask, if assets are divided if you’ve been married for years but have been legally separated for years? In this case, if a couple divorces in the middle of the year but one spouse receives a year-end bonus, the court may find that half of the bonus is marital property. Judges often utilize the unique circumstances to assess the asset as of the date of separation when stock options or other types of deferred payment are involved. However, in other states, courts evaluate these assets at the time of divorce rather than when they were acquired.
What Is the Impact of Child Support and Alimony Based on the Separation Date?
When a spouse is accountable for child support and/or alimony, the date of separation can determine this (also called “spousal support”). A court can require a spouse who generates all of the household income to pay temporary child support and alimony from the moment he leaves the marital residence. However, in other states, a spouse may be eligible for child support or alimony only after filing for divorce and requesting assistance. It’s critical to consult with an attorney as soon as possible following your divorce to ensure that you’re eligible for the support you need.
Goldman and Associates Law Firm in Metro Detroit, Michigan, is one of the family law services that can help you with your legal issues. They employ family lawyers who have a distinct advantage in terms of experience and competence. If you happen to ask “If assets are divided if you’ve been married for years but have been legally separated for years?” contact one of our experienced, skilled, and knowledgeable attorneys for a free, confidential consultation. You can schedule a meeting with us online or simply visit the website for more information.