Posted by admin | Posted in vacation rentals | Posted on 03-02-2007
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how are they going to divide or share their assets when they divorce?
my close friend is going into a divorce very soon. They have the following: ( 1) in her husband’s name — their home; primary vehicle, a benz; a cottage; one rental condo. (2) in her own name — a time share vacation properties outside of their country, ie. Canada. They have joint bank account and individual account. some inheritance under their individual names. They have one son and three daughter under 14s, all of them. and who have the custody of them.
It depends on where they live, if it is a no fault state, or if it is a community property state. So she really needs to know her local law.
From what I can tell, if you bring an asset to the marriage and keep it in your name, you get to keep it, even in a community property state.
In my area, the rule of thumb is joint legal custody, and shared physical custody. But this depends on what is in the best interests of the children.
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