Kennedy Law Associates
COVID-19 UPDATE: Kennedy Law Associates remains open to serve the legal needs of our clients, and for consultations with potential clients, safely via teleconferences, Skype, or Facetime. Let’s all stay healthy and safe.

Is that marital asset really 'your' property? (Maybe not)

Dividing marital assets can get complicated. People sometimes argue over who should get which assets, even when an outsider would clearly note that they both have a right to those assets. In some cases, the issue is the way that people think of these assets versus the way that the assets were actually acquired.

For instance, there are some assets people often do not argue about, such as the family home. A couple that bought a house together understands that they both own it and, to divide it, they'll likely have to sell the home and divide the proceeds.

Where this gets tricky is when one person uses an asset that was purchased jointly. For example, perhaps each person has their own car that they use to commute to work. For one, it's just a vehicle, a way to get from Point A to Point B. They use that car the most, but they don't care about it.

For the other, though, it's more than that. This person decided to buy their dream car. They drive it every day. They're emotionally invested in this vehicle that they have wanted since childhood. Their spouse has ridden in it but never driven it. The person who does drive it definitely thinks of it as their vehicle.

If the couple bought that car together, though, it's still a marital asset. They both own it. They both put money into it and have a claim to the value of that vehicle when dividing assets. Who technically drives it doesn't matter.

If you're in a complicated divorce, be sure you know what rights you have when it comes time to divide the assets and debts. Talk to an experienced advocate so that you understand your options.

No Comments

Leave a comment
Comment Information
Contact Us

Tell Us Your Story

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

In Your Neighborhood

Are quality legal services available in your Charlotte neighborhood? Yes, our offices are located in Ballantyne, so you do not need to fight traffic driving uptown or deal with the inconvenience of paid parking decks. We are just minutes from the Ballantyne Corporate Park right off of I-485. An initial domestic consultation with Kennedy Law Associates is a positive step toward creating a roadmap to a better future.

14835 Ballantyne Village Way, Suite 225
Charlotte, NC 28277

Phone: 704-512-0619
Phone: 704-369-5600
Get Directions