Liquidating assets prior to divorce
Ciccarelli Law Offices understands all of the factors that courts consider in determining equitable distribution of property during the division of marital assets.
Back to top While many of the assets involved in a marriage is deemed marital property that both spouses acquired during their marriage, some assets that were acquired before the marriage, after the separation, or by gift or bequest are considered non-marital property exempt from equitable distribution.
Regardless of the reason behind any attempt to hide assets, doing so is considered unethical and illegal.
Some of the most common ways that spouses attempt to hide assets include, but are not limited to: When a spouse is hiding assets or liquidates assets without the other spouse’s consent, it can have enormous impact on the divorce proceedings. 3d 668 (2011) — On November 23, 2011, the Supreme Court of Pennsylvania decided this case involving a man who sustained a serious injury in an accident at a raceway in Leesport in 1999.
For example, if you and your former spouse share a joint auto loan and your spouse gets the car in the divorce, you are both still legally responsible for the payments because your name is on the loan.
According to the Federal Trade Commission, your original loan documents outweigh your divorce decree.