“Divorce Finances: Tracing Marital Assets and Separate Property,” Valuation Podcast
Firm co-founder Robert D. Boyd participated in an April 13, 2022, episode of Valuation Podcast titled, “Divorce Finances: Tracing Marital Assets and Separate Property.”
In the program, hosted by Melissa Gragg from ValuationMediation.com, Boyd details the difference between separate and marital property, how separate property is claimed in divorce cases and important information clients should keep in mind both before and during the process of divorce regarding asset division.
When it comes to marital property, its legally defined as any asset you acquire during marriage. Boyd uses the example of a 401K plan – even though its title reflects one name, it was acquired during the marriage and, therefore, is subject to division. But in the case of separate property, maintaining the integrity of a particular asset by keeping it under one individual’s name and refraining from grouping it with other assets acquired during the marriage is important when making any claim of separate property, Bob explains.
Division and what is identified as a marital asset can also depend on the state you live in. Bob and Melissa outline the importance of knowing the divorce laws specific to your state since these can significantly impact how marital property and assets are divided.
Throughout the episode, Boyd also shares his extensive experience with the division of marital property in different scenarios with Melissa – with both noting overall that marital property is a complex issue in divorce and can be costly, encouraging soon-to-be-ex-spouses to consult legal representation for a comprehensive analysis of marital assets.
To watch the full episode, click here.