WHAT HAPPENS IF YOU WIN THE LOTTERY OR A BIG JACKPOT DURING YOUR DIVORCE?

Many clients think that the notion “marital property” ends when they file for divorce – that is not true. Until a divorce is finalized and entered by the Court, property is still marital barring express agreement by the parties to the contrary. Recently, a colleague of mine added language into a Judgment of Divorce regarding lottery winnings during this interim time period – if the winnings were less than $500.00, the winning party kept that free and clear. But, if it was greater than $500.00, it would be treated as marital property. So, make sure if you ever win big, try your best to do it AFTER your Judgment of Divorce is finalized and entered by the Court. If you have any family law questions, please contact us.