WHEN A COUPLE RELOCATES TO A COMMUNITY PROPERTY JURISDICTION WILL ASSETS DIVIDED AS COMMUNITY PROPERTY?

Randy Travis and his manager/wife, Elizabeth Travis finalized their divorce based upon irreconcilable differences. The couple met in North Carolina in the late 1970’s and ultimately settled in Nashville where they married in 1991. Approximately ten years ago the Travis’s moved to New Mexico which is a community property state. This means that all marital assets are divided equally between husband and wife upon a divorce. The community property method of division of assets sharply contrasts to states such as New York which divide assets “equitably” based upon a number of factors.

If a couple is concerned about the dissolution of their marriage, prior to relocating to a community property jurisdiction, the attorneys at Keil & Siegel LLP counsel clients to enter into a post-nuptial agreement designating the jurisdiction which would govern distribution of assets. With such an agreement in place, no matter where the parties eventually move and settle they are clear as to what state law will govern their asset division. Litigants often spend thousands of dollars arguing over which jurisdiction shall apply to property division. This is before even beginning to discuss how and what will be divided. Post-nuptial agreements are an excellent tool to aid in resolving these disputes before they take place.

To learn more about post nuptial agreements, community property, equitable distribution and division of assets upon a divorce, or to learn more about Keil & Siegel, L.L.P. and their services, visit www.lowcostdivorceny.com.

About Keil & Siegel:

Keil & Siegel, L.L.P. are skilled NY divorce attorneys, specializing in uncontested divorce, separation agreements, prenuptial agreements, child support, custody and all aspects of family law. Keil & Siegel, L.L.P., serves clients in Long Island and New York City, including Nassau & Suffolk Counties, Manhattan, Queens, Jamaica and the Bronx as well as Great Neck, Mineola, Hicksville, and Garden City. For more information or to get a free consultation, contact them by visiting www.lowcostdivorceny.com.

1. Income of each party at time of marriage;

2. Income of each party at time of commencement of action;

3. Property of each party at time of marriage;

4. Property of each party at time of commencement of action;

5. Duration of marriage;

6. Age of both parties;

7. Health of both parties;

8. Need of custodial parent to occupy or own marital residence;

9. Need of custodial parent to use or own household effects;

10. Loss of inheritance rights upon dissolution as of date of dissolution;

11. Loss of pension rights upon dissolution as of date of dissolution;

12. Any award of maintenance;

13. Equitable claims to or interest in or direct or indirect contribution to the acquisition of the marital property by the party not having title, including:

(a) Joint efforts;

(b) Expenditures;

(c) Contributions as a spouse, parent, wage earner and homemaker and to the career or career potential of the other party;

14. Liquid or non-liquid character of all marital property;

15. Probable future financial circumstances of each party;

16. Impossibility or difficulty of evaluating any asset or interest in a business, corporation or profession;

17. The desirability of retaining the asset, or interest in the business, corporation or profession free from any claim or interference by the other party;

18. The tax consequences to each party;

19. The wasteful dissipation of assets by either spouse;

20. Any transfer or encumbrance made in contemplation of a matrimonial action without fair consideration; and

21. Any other factor which the Court shall expressly find to be just and proper.

One word of advise is to make sure that the Agreements are drafted properly and that each party is represented by separate counsel.