What is considered marital assets? My husband put his fathers name on the business, but he is a green card holde. If we divorce what does taht mean?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is considered marital assets? My husband put his fathers name on the business, but he is a green card holde. If we divorce what does taht mean?
Asked on May 15, 2009 under Family Law
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
Marital assets refers to all property acquired during the course of the marriage, regardless of ownership or who holds the title to it. Examples of marital assets may include, among others, house(s), cash, stocks, bonds, cars, pensions, and insurance. Most courts also treat the increase in value of a premarital asset as a marital asset.
In community property states, assets are categorized as separate property and not a marital asset if a) it was acquired before marriage, b) it was acquired by inheritance, c) it was a gift, d) it consists of assets traceable to other separate property such as money received from sale of a house owned before marriage, and e) the spouses agree is separate property.
In your case, if the business was acquired during the time that you were married it would be considered to be a marital assets regardless of the fact that you husband put it in his father's name.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.