How to Protect Assets from Future Demands
Hello, my wife and I are separating amicably, and we are in agreement as to the division of property and assets. There are no children involved and no alimony. What do I need to protect myself from the possibility that she may come back (in the future) and demand a larger share of the property and assets? Here’s the basic details of our property division agreement: We will get the house appraised, (I owned the house before we married, and paid approx $170K). We will split the difference between the appraised value and $170K. I will continue to pay for her health care (through my Kaiser HMO), and I will pay for her computer service for at least until Jan ’09. She will take all the property she owned previous to the marriage, plus all the gifts I have given her. I will do likewise. She will keep all her IRAs and investment assets, as will I. She will take the couch, any of the TVs, the fridge, washer & dryer, dining room chairs, bedroom furniture. She will remain the beneficiary of my IBM pension. Please advise. Regards, JP.
You and your wife are both required to provide complete financial disclosures to each other. Assuming you have done that, and are not withholding any information, a property settlement is permanent and final.
However, if either party fails to disclose financial information to the other, and it is discovered within 5 years of the date of the divorce, the divorce case can be re-opened and the property reallocated.