Any gifts or inheritances received by an individual during the relationship which have not been dissipated will not be shared. Any assets owned prior to marriage will not be shared. Any assets covered by a marriage contract will not be shared and any personal injury payout for pain and suffering will usually not be shared.
There are many addition small exceptions which can apply to family property and result in the non-equal sharing of that property but those mentioned above are the most common and typically make up the largest sums... MORE »
A parties “net family property” is determined based on property owned at the date of separation and property owned on the date of marriage. Since the date of marriage is constant, this means that the date of separation can be crucial in a high net worth divorce.
If both spouses cannot agree on a date then a judge will determine the date of separation (the day on which there was no reasonable prospect of reconciliation) based on the facts of the case.
Both spouses do not have to want to separate for... MORE »
Yes, there are legal time limits for the division of property. If you want to ask the court to settle a disagreement over how to divide property between you and your spouse you must ask within a certain time after the breakdown of the relationship.
The important time limits to know are as follows:
- 2 years after you receive your divorce
- 6 years after the date the parties separated with no chance of reconciliation
- 6 months after the death of a spouse
... MORE »