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Can you acquire new assets during your divorce? Should you?

| Oct 26, 2020 | Property Division |

Getting divorced means dividing the assets that you own together with your spouse. However, the divorce itself may take months. You may have more assets you want to acquire during that time. Can you do so? Should you?

The issue that you’re probably most worried about is that you and your spouse are technically still married. No, you don’t live together anymore and you don’t think of yourselves as a couple. In the eyes of the law, however, that’s what you are. If you buy something before the divorce is finalized, does it then count as a marital asset? Cnn your spouse later claim some of that asset’s value? 

This is a valid concern and may get confusing if you and your spouse disagree on some of the key facts of your divorce, but items you purchase after splitting up but before the divorce is final tend to belong to you alone. This is where the date of separation becomes important. You can specify a date that you separated, even while you’re still married, and assets that either of you obtains after that date are not marital assets. 

The date of separation between you and your spouse can also play a role if you have to do a valuation on any major assets, like a family home. The value could change significantly in the months or even years it takes to get divorced. You need to know that the value was when you separated, not the value on the very last day of your marriage. 

If your divorce begins to get complicated because of issues like this, it’s very important to know what legal options you have. It’s often best to discuss your plans with an experienced attorney before your act.