When getting divorced, there are three things to think about when it comes to asset division. First and foremost, couples will have some separate assets. These could include things they owned before the marriage, an inheritance they received as a direct gift during the marriage or something of this nature. Separate assets are not subject to property division, so couples simply get to keep the assets they own as they get divorced.
That said, most assets that a married couple owns are going to qualify as marital assets. These are owned jointly. Examples could include a bank account where both people receive their paychecks or shared ownership in a home that the couple bought together. Marital assets do have to go through property division, so they will have to be split up during the divorce.
Mixing assets together
Finally, couples need to be aware that they may have commingled assets, or assets that have been mixed together. This can change the status of those assets, sometimes switching them from separate to marital assets.
One example is an inheritance. If a husband receives an inheritance from his parents, it may originally qualify as a separate asset. But if he then allows his wife to access the account or make purchases with the money, he has commingled those assets. By mixing the inheritance with other marital funds and letting his spouse use the money, he has turned the inheritance into a marital asset that will need to go through property division.
Classifying assets is just one part of going through a divorce. If you and your spouse are splitting up this year, be sure you understand all of your legal rights.