Now that we're divorced, does my ex have any legal claim over my property or assets?
Community property states have a better chance of recovering hidden assets
In states that have community property laws, a spouse's assets are split equally after a divorce. If a spouse didn't disclose all of their assets, they could be subject to a court proceeding. However, in states that have equitable distribution laws, assets are split in a more fair manner, and not necessarily 50/50. In addition, some states have opt-in community property laws, which allow spouses to agree to split their assets in a community-property-based divorce.
Mutual mistake
The courts can find a mutual mistake after a divorce when both parties agreed to a particular arrangement during the marriage. For instance, when a couple decides to split their pension, the decision is a mutual mistake. The parties agreed to separate the pension when they married, but later learn that they cannot remove their former spouse as a pension beneficiary. However, they did not know that this was an option and signed the marital dissolution agreement before they knew about this restriction.
Tax consequences of omitted assets
The tax consequences of omitted assets after a divorce can be substantial. It is important to inventory all of the assets, even intangibles. These assets may result in substantial income in future years. Intangible assets are increasingly recognized as property by courts. However, it is still important to determine the exact value of each asset to determine its tax consequences.
Limitations on claims
While you might be thinking about finalizing your property or assets settlement after divorce, you should know that these agreements do not necessarily protect your assets from future claims. Before you sign any legal documents, make sure to obtain court orders that detail what your agreement states.
Preparing for the future after a divorce
Preparing for the future after divorce involves reclaiming your old passions and interests. This will help you focus on what you want in life, and it will improve your brain functions. You also need to take care of your physical health. Routine checkups are important, and you need to stay physically fit.
If you have any questions, you can get a free consultation with Ascent Law LLC:
Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506
