During a divorce, individuals must exercise caution regarding significant financial expenses. Purchasing a vehicle is undoubtedly one of them. Here is the essential information required to make an informed decision.
What Hurdles Might You Face?
In most cases, Florida circuit courts issue a temporary domestic relationship order to freeze the couple’s assets and allow for basic ongoing expenses only. This usually prevents either party from making major financial decisions. Furthermore, the order may prohibit selling, transferring, or hiding both marital assets and nonmarital property. It can be challenging to bypass this restriction without written consent from your spouse or a formal court order.
Impact On Asset Division
In Florida divorces, purchasing a high-value item can introduce significant complications to the property division proceedings. The two primary risks include:
- Classification as a marital asset: Since your marriage hasn’t legally ended yet, any property that you buy now may be classified as a marital asset, subjecting it to equitable distribution.
- Perceived asset depletion: The purchase of high-value products or services can lead the court to perceive your expense as an intentional attempt to deplete marital assets.
Understanding these potential legal obstacles is a crucial step in evaluating your options before making a major purchase.
When Buying a Car is Necessary
While buying a car can complicate things, if it is necessary – such as needing reliable transportation to get to work or take your children to school – you might still be able to proceed. However, you have to be very careful and transparent. Thoroughly document the purchase cost, your reasoning, and the specific fund you utilized. It will be prudent of you to consult with a divorce attorney before making any financial decision.