Property Division FAQ
The deed to our home has only my spouses’ name on it. Does that mean that our home is not a marital asset?
It is not important in whose name an asset is held. Rather, the Court examines when the asset was purchased and/or with what funds it was purchased and/or maintained. The determination is fact specific. Each asset must be evaluated to determine if it is a marital asset and thus, subject to division upon divorce.
When I divorce, will I be required to liquidate my retirement plan to give my spouse a share?
No. The Court will not force you to liquidate your retirement plan because you will then be forced to pay taxes and penalties. Instead, you may separate the account with a Qualified Domestic Relations Order (QDRO), which is an Order from the Court to distribute a certain amount or a share from a certain time period to a separate account in the name of your former spouse.