Commingled Assets In New York And Connecticut: What You Need To Know

When a couple decides to divorce, only assets acquired during the marriage are typically subject to division. This may seem like a straightforward process, but there are instances when personal property becomes mixed with marital assets. These situations create what are known as commingled assets. This can lead to disputes over what belongs to whom, making the divorce process even more difficult.

Courts in both Connecticut and New York follow equitable distribution laws when dividing marital resources. This makes it crucial to carefully identify and value all shared properties, including those that may be commingled with separate properties. With extensive experience in family law, our team at The Prince Law Group, LLC, has helped many clients in Stamford through the challenges of property division. Whether you are concerned about protecting your inheritance or securing your fair share of marital property, our experienced attorneys stand ready to advocate for your rights and interests.

What Are Commingled Assets?

Commingled assets often happen when spouses mix their individual assets with their shared marital property. One example of this is joint bank accounts that hold your shared funds and any inheritance you solely received. Using marital funds to improve a separately owned house can also create a commingled asset.

These types of assets can cause complications when you file for marital dissolution down the road. What once was clearly separate now entirely or partly falls under the category of shared assets. If you are unsure about the status of your assets, it may be wise to seek the guidance of a property division lawyer you can trust.

What Can You Do To Protect Your Rights?

When it comes to safeguarding your rights in property division, it is crucial to take proactive steps. Before tying the knot, consider a prenuptial agreement to clarify asset ownership. Take the time to document all separate properties carefully and keep detailed records of your finances. Remember, commingled assets can affect more than just the allocation of your shared assets; they can also influence child custody arrangements. By understanding your financial situation clearly, you will be in a better position to achieve fair outcomes in all aspects of your divorce.

Protect Your Property Rights During Divorce

Let our experienced team of divorce attorneys guide you through the complexities of commingled assets. Call our office today at 203-653-8483 or email us to schedule your first consultation.