Over Three Decades Of Resolving Family Law Issues In Montana

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How are high-valued assets split in a divorce?

| Mar 31, 2021 | Divorce |

In most divorces in Montana, marital property isn’t divided 50/50 like some other states because Montana isn’t a community property state. The equitable distribution policy is used by judges to determine how much each spouse contributed to the marriage. It’s likely that the spouse who contributed more during the duration of the marriage will be awarded a larger share of the assets.

Which assets need to be split?

There are multiple high-value assets that need to be split between two spouses during a divorce. These might include:

  • Retirement accounts
  • Real estate, including the marital home and any other property
  • Investments
  • Shares in a business

How to protect your assets in a divorce

When you file for divorce, you may be able to protect your high-valued assets with the help of a financial planner. It’s important to organize all your financial records from the past three years.

Establishing credit in your own name and closing joint accounts can also make it easier to protect yourself when you prepare to separate. Professionals recommend making copies of your investment, bank and retirement accounts to show proof of their value. Getting an accurate value of your assets and choosing a mediator can also make the process easier to avoid losing more of your property to your spouse during a divorce.

Who can you contact for legal assistance?

If you plan to file for divorce, contact a divorce attorney to assist with the process and answer your questions. Your attorney may review the assets acquired by both you and your spouse and work to help you obtain more of the assets. A divorce attorney may be able to represent you in mediation to help you settle outside of court and have more control of the process while negotiating what assets are divided with your spouse.