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Do you and your ex have commingled assets?

On Behalf of | Apr 16, 2024 | Family Law |

If you’re getting a divorce, you typically need to divide your marital assets, but you get to keep your separate assets. Not everything that you own is going to qualify as a shared asset that both you and your ex have a right to. Some belong to you – or to them – exclusively. 

For example, most of your major purchases are considered marital assets that are shared. That could include cars, homes, businesses, home furnishings, art collections and other such things that you bought after you got married. For couples who have been together for a long time, almost everything will be shared.

However, some assets do stay separate. One example of this is if you get an inheritance. Even if you’re already married, that inheritance is usually considered a separate asset because it was intended only for you, not for your ex.

Why does commingling matter?

Commingling assets means mixing them together, and it’s a very important part of this process. A separate asset that has been commingled may now be a marital asset.

For instance, if you got your inheritance and kept it in your own unique account that only you could access, you still get to keep the entire value of that inheritance after the divorce. But if you put that inheritance in an account that your spouse could also access, like a shared bank account, you may have commingled it so that the two of you have to split it up.

These cases can get complex, especially when two people do not agree about the status of certain assets or how they should be divided. If you and your ex find yourself in this position, be sure you are well aware of your legal options while going through the divorce process.