Dear Attorneys,
I don’t understand the difference between “joint assets” and “sole assets” on my financial affidavit. I thought something was joint if we had it through the marriage, but my attorney said it’s only a joint asset if both names are on it. What does that mean?
Sincerely,
Johnny Joint
Dear Johnny,
That’s a great question. There are definitely some “gray areas” in the answer, but ultimately, if you have an asset that accrued during the marriage, then it is a marital asset. If you have a joint asset, it means both parties’ names are on it. For example, if you have a savings account in your name only that you opened five years after you got married, it is an individually held (or sole) asset. However, it is also a marital asset because you obtained it, and it accrued value, during the marriage. That said, you cannot list it as a “joint asset” on your financial affidavit. It does not mean that it will not be taken to account in the division of assets. Rather, it gives the attorneys a better understanding of what can be divided and how. If you have specific questions on that, you should consult with an attorney. It is imperative to have an accurate financial affidavit, so make sure to ask as many questions as necessary.
Wolf & Shore Law Group is here to help you make your family law matters easier, not harder. We are realistic and direct with our clients. We encourage potential clients to seek out a firm where they will feel comfortable and confident. Ever argue with a woman? Let Wolf & Shore Law Group go to work for you. Call us at 203.745.3151 or email us at info@wolfandshorelaw.com.
Very Truly Yours,
Wolf & Shore Law Group
*The situations represented in our Dear Attorneys column are entirely fictional and any resemblance to a specific case is unintentional. We cannot, and will not, offer legal advice to anyone who is not a client. However, if you do have questions or concerns, you should contact an attorney at your convenience.
