Can You Divorce Without Splitting Assets?

As you undergo divorce proceedings, you’ll likely have many questions before the final divorce judgment is issued. One of the most common ones is, “Can you divorce without splitting assets?” 

Even in uncontested divorces or cases involving status-only divorce, part of the divorce decree involves dividing assets acquired during the marriage. Asset division is an essential part of the process, and it helps to understand how the courts may split assets.

The Law Office of Cosmas Onyia is committed to helping you get the divorce terms you seek and work for an appropriate outcome. In this blog post, we discuss property division in divorce and some of the legal options you may have during asset division. 

Understanding How Splitting Assets Works in a Divorce Settlement

Asset division or property division is determined in different ways, and what is considered a fair and equitable division doesn’t always mean a 50/50 split. Arrangements must be made for marital property after the union of marriage ends. State laws also play a role in how marital assets are divided in a divorce.

It is always best to obtain legal counsel when you have concerns about dividing property and how to split assets, especially in complex divorce cases. 

Is It Possible to Divorce Without Splitting Assets?

It is possible to divorce without dividing assets. However, this will depend on whether these are separate assets or marital assets.

Separate Property vs Marital Property

Separate property refers to the property that either spouse owned prior to the marriage. When one spouse owns property before entering into this union, it is not subject to property division. This would include property bought before getting married as well as specific assets such as gifts, family heirlooms, or inheritances given to only one spouse during the marriage. 

Conversely, marital property is the marital assets or community property that each spouse obtains while married. Prenuptial or postnuptial agreements could control the distribution of this marital property, or couples could arrive at a mutual agreement over the split of these assets without one. 

If something is separate, you can keep it yourself, and if not, you will need to agree with your spouse or have a judge or a neutral third-party mediator decide for you. 

Community Property Laws in Arizona

State laws also have a say in the marital estate. Some states are equitable distribution states, where equitable distribution rules apply. Property in these states is subject to equitable property division, which means that it will be divided fairly but may not be even. The courts in these states will look at the length of the marriage, what each spouse earned, and their contributions to follow equitable distribution rules. 

As a community property state, Arizona, New Mexico, Texas, Washington, Wisconsin, California, Idaho, Nevada, and Louisiana split marital assets and debts acquired 50/50. Community property only applies to marital property and not the separate personal property you owned prior to the marriage. 

How to Divorce Without Splitting Assets

You should proceed carefully and with the representation of a family law attorney before you attempt to divorce without splitting certain assets. Even if a mutual agreement was made, your ex-spouse may still try to make an undivided marital asset claim, which can further complicate your case.

If you are concerned about certain assets or financial settlements, such as bank accounts, investment accounts, a family business, business assets, and vacation properties, schedule a consultation with a divorce attorney.

Keep Separate Property

It is often difficult to keep property separate in a marriage since this union involves commingling finances. Property brought into the marriage could be individual, but if the other spouse makes mortgage payments on the home or the spouse engages in improving the property that was established prior, they can seek equity interest in that property. 

Do not mix financial accounts and that includes property acquired before marriage, heirlooms, gifts, and inheritances. It will be considered separate and obtained before you were married if their name is never added to it. 

Have a Prenuptial Agreement or Postnuptial Agreement

Prenuptial agreements are a great way to prevent chaos if your marriage comes to an end. These prenups can outline that you keep your family business and protect your business interests and any assets obtained prior to entering the marital union. This legal document may not address child support, though it details who gets what, even if you and your spouse agree throughout the process. 

Postnuptial agreements can also be created among the parties involved after they get married but before the divorce. This can help you find a fair way to handle undivided assets and any tax implications in the event that you decide to end your marriage.

Create Your Own Divorce Settlement

If you have been married for over a decade, you may wonder why the court decides what each of you should get in the divorce. Many couples facing divorce are capable of working together amicably to split up assets and debts.

You should still work with an attorney to ensure you’ve covered all the details before you submit it to court. As long as you have addressed how you’ll divide up property, custody, support, and all relevant factors, you can have a divorce that is uncontested and part ways peacefully.

Use Joint Ownership If You Can’t Maintain Separate Property

One last option is to own property if you can’t separate it jointly. Your marital home may be mortgaged for more than you can sell it, or one of you may want to live there with the children without forcing them to move and change schools. You could work something out where you jointly own the home and sell it down the road.

This can also work for businesses you may own together, though if you can’t get along for the greater good, you may need to find a way to divide things. 

Getting Help for Splitting Assets

Some couples can agree on getting a divorce but are unable to agree on anything else. Other couples want the best for one another, even if that means they must part ways. No matter which scenario you face, divorce can be painful as one chapter of your life closes.

Since marriage is a legal contract between two people, dealing with the assets and how they are distributed when this contract is ended is an essential part of the process. Now, you may find yourselves arguing over your home, furniture, cars, and children. You may not know what you are entitled to have in this split, or your ex may want to take everything out of spite.

If you don’t know the laws, you may find that you are taken advantage of during your divorce. You can avoid the common pitfalls that arise during divorce and the splitting of assets by working with a divorce attorney. At the Law Office of Cosmas Onyia, we are committed to helping you find the correct resolution, protecting your assets, and ensuring that we aggressively pursue your fair share. Contact our legal team today to discuss your divorce case and learn more about the options you may have when splitting assets.