Tips for Protecting Your Assets During a Florida Divorce
Divorce can be a challenging and emotional process. This is especially true when the divorce involves property division, which is often the case. If you’re going through a divorce that involves property division, it is essential to take proactive steps that can help you protect your assets. The following are the steps to take to protect your assets during a Florida divorce,
- Understand Equitable Distribution
The first thing you should do is educate yourself about equitable distribution. Florida is one of the equitable distribution states in the U.S. This means that in a Florida divorce, marital assets are distributed fairly but not necessarily equally. In a Florida divorce, separate assets are not distributed between the spouses. When determining what constitutes a fair division, Florida courts consider several factors, including the marriage length, each spouse’s economic circumstances, and their contributions. For instance, depending on the circumstances surrounding a divorce case, a 50/50, 70/30, or 60/40 split may be considered fair.
- Understand the Difference Between Marital and Separate Assets
To safeguard your assets during a Florida divorce, understand the difference between marital and separate or non-marital assets. Generally, marital assets are those acquired during the marriage, whereas separate or non-marital assets are those acquired before the marriage. However, even gifts and inheritances one spouse receives during the marriage are considered separate assets.
- Compile an Inventory of Your Assets and Gather Documents
Inventory all your assets, including bank accounts, real estate, investments, and personal property. Ensure you gather all relevant documentation that provides evidence of your assets, such as property deeds and account statements. Doing this can ensure no asset is overlooked. It can ensure an accurate valuation of your assets.
- Consider Opening Individual Financial Accounts
It is common for married couples to have joint financial accounts. However, it may be wise to open separate financial accounts when the marriage fails and divorce becomes unavoidable. Opening separate financial accounts is particularly important if you are worried that your spouse will misuse joint accounts during the divorce process. However, you should avoid taking out all the money in joint accounts without proper legal guidance, as that could hurt your case. An attorney can help ensure that every financial move you make is legally sound.
- Avoid Hiding Assets
Hiding assets might seem like a clever way of protecting your assets during a divorce, but doing so could have severe consequences. Not only is hiding assets unethical, but it’s also illegal. You could face legal consequences if you hide assets. Also, hiding assets could damage your credibility. It’s crucial to be transparent to ensure your assets are protected.
- Consult an Experienced Divorce Attorney
A vital step in protecting your assets during a Florida divorce is seeking the guidance of an experienced divorce lawyer. An experienced Florida divorce attorney can help you understand your legal rights and the steps to take to protect those rights. A skilled lawyer can help you develop a strategy to protect your assets.
Contact an Orlando Divorce Lawyer
If you are going through a Florida divorce, contact our skilled Orlando divorce lawyers at The Arwani Law Firm. Our team understands your fears and is committed to protecting what you value most.
Source:
law.cornell.edu/wex/marital_property
