Articles Posted in Property Division

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Fighting over moneyEarlier this year, the Rhode Island Supreme Court issued a decision that gives further clarity as to what is considered marital property and what is not. In this case a couple was going through a divorce. At the trial court level, the judge divided the property that she found to belong to the couple together, and allowed the wife to keep some of the property as her own since it was determined to be her separate property that she was given as a gift. The Rhode Island Supreme Court agreed with most of the lower court’s findings, but found that the wife’s earnings during the marriage should have been considered joint marital property. Therefore, it should have been divided upon divorce, even though she kept it in a separate bank account in only her name.

As this case illuminates, the determination of what is considered marital property and is thus subject to division and what is separate property is very fact specific. That’s part of why it is so crucial to work with an experienced Rhode Island divorce attorney if you are going through a divorce.

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A divorce is never easy, and usually involves substantial amounts of stress, particularly when it comes to property division. Couples with substantially greater assets than average will likely feel these effects more than usual because the division process can involve so many different factors and possessions. This means that you’ll want to be smart and prepare thoroughly before beginning this process to not only protect your most important possessions but also make sure you receive a fair share of what is rightfully yours. Here are a few do’s and don’ts to follow when preparing for your high-asset property division process.

DO Go Through Records to Verify Assets

Did you buy your treasured collector car before you got married? Was that large collection of vintage jewelry inherited from your grandmother? If so, these possessions are likely protected from the property division process, but you must be able to prove they are individually-held if your spouse challenges this claim. Go through your records, including old receipts, photos, and more to find any evidence that supports your claim.

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