Excluded property in divorce includes gifts from third parties, inheritances, personal injury awards, and insurance payouts, which are not part of the family pot and should not be negotiated away; individuals without legal counsel often fail to recognize these assets and may unknowingly lose them during property division.
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You Might Be Giving Away More Than You ThinkAdded:
So when people have counsel, they're not really going to be making mistakes because they have their lawyers guiding them. But when people come to me and let's say they haven't sought legal advice yet or they've tried to do it on their own. So they might not have an understanding of excluded property.
Excluded property are things like gifts from third parties, inheritances, personal injury or insurance awards. Um And those types of things are not part of the family pot. So people don't understand that. So they may be negotiating away their excluded property claims. Um they may not have complete disclosure from their spouse. So they don't actually know what's in the pot and what they're dealing with.
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