Stacy Francis Featured by Kiplinger on the Danger of Commingled Assets in Divorce
By: Francis Financial
July 6, 2021
Francis Financial President and CEO Stacy Francis had an article published in Kiplinger on the difference between marital property versus separate property during a divorce.
Marital property is subject to division in a divorce. This includes wages, retirement contributions, property, businesses, and other sources of income or investment earned during the marriage. Marital property is usually divided by your state’s rules.
Separate property, on the other hand, are assets and income acquired before the marriage. This also includes financial gifts and inheritance.
In high net worth divorces, “separate assets can quickly get so commingled with marital property so that it is virtually impossible to identify what should be subject to division and not,” Francis laments. And it only gets more complicated the longer you were married.
Prenuptial agreements aren’t the only thing most high-net-worth couples have in common, however. “All millionaire divorces…have…the need for a crack team of legal and financial professionals who must unravel the complicated finances and ensure that you get the assets you are entitled to,” Francis concludes.