You may have spent years cultivating a highly-lucrative career in Stamford, but despite your significant financial success your marriage may not have been as successful and you may be looking at divorce. Keeping your fair share of assets and keeping up your lifestyle may be very important to you, especially when it comes to foreign assets.
Tenancy varies by country
First it is important to note that the laws of ownership over a foreign asset may differ from U.S. law. For example, some states allow married couples to hold real estate as “tenants by the entireties.” If the couple divorces, their ownership will automatically transfer to “tenants in common” in which each spouse owns 50% of the asset.
However, not all countries recognize tenants by the entireties. Instead, these countries will deem property owned by married spouses as being owned as “joint tenants with right of survivorship.” This type of ownership survives divorce, as it is available to more than just married couples.
Community property varies by country
Similarly, just like different states in the nation view community property differently for the purposes of asset division, different countries view community property differently. If an asset is deemed community property, it is essential to understand what laws apply to ownership of that asset, so you can negotiate divorce legal issues effectively.
Ultimately, in order to reach a fair settlement in the property division process, you need to know how the laws governing foreign assets will apply to you. This is a complicated area of law, and often necessitates the assistance of an attorney well-experienced in complex asset division who can provide straight-forward advice as well as handle your case with discretion and efficiency.