When you enter into a marriage – and you are someone with substantial assets that you own in your name alone – there are several concerns you may have (in the event of a future divorce). There are also several ways to address issues related to the large-value assets you possess prior to your marriage. A pre-nuptial agreement may be one way to approach the situation. Another way is simply to ensure that your separate property is kept completely separate and is never mixed (or what the law calls “commingled”) with your marital assets in any way. As always, if you have questions about your high-value separate assets and your marriage, talk to an experienced South Florida divorce attorney.
The residence or residences you own may represent a substantial portion of your overall wealth. Whether it’s a condo on Fisher Island Drive or a house in Coral Gables, your real estate holdings are an important piece of your overall financial picture and, certainly, losing 50% ownership of such a property simply due to a contested divorce is something you probably want to avoid. For E.E.S., his was a more humble property in Cutler Bay, but his legal case is still instructive for people with high-value assets.
The husband purchased the home with his own money in 2003. In 2005, he married the wife. Even after the couple’s wedding, the home remained titled in the husband’s name alone. During the couple’s marriage, the husband was the sole source of the couple’s income and his funds were the sole means by which the home’s mortgage payments were made. The evidence that the lower court heard offered nothing to indicate that the wife contributed anything to the value of the home. No marital labor, no improvements to the home, no financial contributions. Nothing.