
Demystifying Myths About Dividing Assets in Divorce: Part 2 – The Treatment of “Personal” Assets
“What’s mine is . . . yours?”
Welcome back to the long-awaited second part of my series on demystifying myths about asset division in divorce. I started this incredible year by addressing the most common of misconceptions about the divorce process – the impact of an extramarital affair in asset division. Since then, the world has seemingly turned upside-down. So for those of you yearning for simpler times, go back and check out the first part of this series before diving into Part 2.
In this second part of the series, we consider another of the common misconceptions about dividing assets in the divorce process, what happens to “personal” assets? By “personal” assets, I am generally referring to those premarital assets (including real estate) titled in one spouse’s name, inherited assets received by one spouse prior to or during the marriage, personal business interests, and those investment and retirement accounts that you worked so hard to grow over time. Basically, anything you would think of as “mine” instead of “ours.” As you can imagine, the divorce process heightens this sense of personal ownership of these assets, which makes what I am about to say next all the more painful … Keep reading