If you and your spouse have been together for some time, you may have deep concerns about how the court may divide shared assets during your divorce. Your concerns may be especially profound if you have young children to provide for.
Whether you share children, a home, retirement accounts, investment properties and/or business interests, Florida property division laws may have a huge impact on your family’s future and the future of your estate.
What is the difference between marital and separate property?
In general, any monetary and/or physical assets that either you or your spouse acquired after your date of marriage are shared “marital property” under the law. Exceptions to this general rule include personal gifts, inheritances and personal injury money awarded to only one spouse.
What property is divisible upon divorce?
Assets that you and your spouse have contributed to and maintained during your marriage may be subject to court-ordered division. Additionally, if either party has accrued debts or other obligations, those may impact a judge’s final decision on asset division.
Is it necessary to go to court?
Even if you and your spouse cannot agree on property division terms, you may be able to successfully settle your case out of court with the assistance of legal counsel. Many couples do so, especially when divorce means facing complex asset division or childcare concerns that require special attention.
Whether you and your spouse want to separate on relatively amicable terms or you are facing a potentially contentious divorce, the right preparation can make all the difference. From exploring your future income options to determining fair amounts for support, know that it may pay to take the time to assess your assets before heading to court.
