Marital And Separate Assets Explained
If you’re going through divorce, property division is probably a major concern for you. Whether you are a high-net-worth individual or someone on a limited income, it’s important to keep hold of what’s yours. And when approaching the property division process, it’s very important to understand the difference between marital and separate property. When you understand the distinction between these two concepts, it becomes much easier to approach your divorce in a confident, efficient manner.
If you’d like help dividing property during a divorce, you should get in touch with a qualified, experienced family law attorney right away. These legal professionals can help you strive for the best possible results when it comes to property division, and they can ensure that you walk away from your marriage feeling secure about your financial future. It’s best to get in touch and book a consultation with an attorney as soon as possible for best results.
Why It’s Important to Identify Separate Assets
Separate assets are very important for divorcing spouses, as this is property that you are allowed to keep after the divorce. Separate assets are never subject to the property division process, which means they can play a key role in ensuring your financial well-being after the marriage.
But what exactly is separate property? Simply put, these are assets that you acquired before you signed the marriage contract. For example, you might have purchased a condo or precious metals before the marriage. No matter what happens, you will always maintain possession of these assets.
Separate property also includes assets acquired after the date of separation and any gifts or inheritance you might have acquired. The thing to remember about gifts and inheritance is that they remain separate even if you received them during the marriage.
As you might have guessed, marital property includes all assets acquired during the marriage. This might include a family home, vehicles, jewelry, boats, and so on. These assets are subject to property division, and Florida follows the “equitable distribution” system (1). This means that all marital property will be divided in an “equitable” (but not necessarily fair) manner.
You should also avoid commingling separate and marital assets during the marriage (2). For example, if you own property prior to the marriage but then allow your spouse to make mortgage payments using their income, this could make the property division process very difficult. The same goes for inheritance that has been used to purchase marital assets.
Enlist the Help of a Qualified Attorney Today
For help from a skilled Orlando divorce attorney, contact Steve Marsee, P.A. Over the years, we have assisted numerous divorcing spouses in the Sunshine State, and we know how important it is to keep hold of important assets during this difficult time. With our assistance, you can ensure that you’re leaving your marriage with solid finances, allowing you to begin the next chapter of your life with confidence. Book your consultation today to learn more about your various legal and financial options.