Q: Asset listed as "marital property" in prenup, but no longer exists. Will half-value still be owed in divorce?
If an asset is listed in a prenup as to be treated as shared marital property in the event of a divorce, but was lost/stolen/sold at some point during the marriage, will there be any fincial liability in regard to that asset at the time of the divorce? Such as owing half of the value despite that asset no longer being an asset?
A:
The proceeds from the item would remain property of the marital estate. If there are no proceeds from the item, there is likely nothing to split. That said, some actions may preserve an item even if no longer in existence.
This question is too general to answer because there is a significant difference between lost items, sold items, stolen items or items that become worthless. Try resubmitting with a little more specificity.
A: It is difficult to give a full answer without seeing the PNA and knowing all the details re: how the property got "lost:. that said, usually property that no longer exists is not taken into account, unless there is some reason to hold one party responsible for the loss.
A: A lot more information is needed to answer this question. If the prenup made something non-marital marital then the question becomes how was that property disposed of, when was it disposed of, what were the circumstances and reasons behind it, etc.. If one party just gets rid of property in anticipation of a divorce it is possible that he or she could be held accountable as part of the divorce, including owing the other party one-half. You should consult with a family law attorney to assess your specifics regarding this asset.
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