Articles Posted in Property Division

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The United States Court of Appeals for the First Circuit recently held that the ex-spouse of a deceased man was entitled to the proceeds of his IRA account. This case is informative for people who are going through divorce and having their soon to be ex-spouse named as a beneficiary on their investment or insurance accounts. If you are considering divorce, you should consult a knowledgeable Rhode Island divorce attorney to make sure that all of your designations are as you want them.

Facts of the Case

This case revolves around an Individual Retirement Account (“IRA”), which is a type of investment account intended to help finance retirement. A man was married and opened an IRA account through his employer. At that time he named his wife as the beneficiary of the account in the event of his death. A couple of years after the account was created he got divorced. However, he never removed his now ex-wife as the beneficiary of the IRA.

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Currently, pets are treated as property in divorces. However, a bill proposed in last year’s legislative session of the Rhode Island state government would change that. Though it has stalled in committee, the bill would allow judges to consider the best interests of the animal when pets are involved in a divorce. If you are considering a divorce and there is a pet involved, you should contact a skilled Rhode Island divorce attorney as soon as possible. An attorney can help you argue that you are entitled to the pet under state law, whether under the current law or this one if it passes next session.

Pets in Divorce

Many of us consider our pets part of our family. Rhode Island (and other state courts) take a different approach, however. The current law considers pets as property, not much different than a car or painting. Occasionally, judges presiding over a divorce will look at who is more bonded to the pet and more capable of taking care of it to decide who should keep the pet. While judges have the discretion to take this approach, in many cases the judge will use a traditional property analysis to determine who gets to keep the pet.

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Earlier 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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