The division of assets is a difficult part of any divorce. It can be overwhelming to unravel your finances, especially when emotions are running high. Thus, it is essential to have one of our seasoned divorce attorneys by your side every step of the way to protect your best interests.
Assets and property that must be divided in a divorce includes a wide variety possessions, including:
· Real property
· Vehicles, boats, motorcycles and ATVs
· Business interests
· Bank accounts
· Investment accounts
· Retirement accounts
· Trademarks, patents and copyrights
· Personal items such as jewelry, artwork, firearms, pets, etc.
It is also important to note that liabilities or debts must also be divided in a divorce. This includes all types of debt, such as mortgage loans, student loans, credit card debt, vehicle loans, taxes and more.
So, what is non-marital property? The simple definition is any property or debts that were acquired before the couple got married. While this may seem simple, it can get complicated. For example, property that was owned by one spouse before the marriage may become marital property if the title is changed to add the other spouse. Additionally, if the asset significantly increases in value during the marriage, the non-owner spouse may have a claim to the extra value. Finally, a non-marital asset can be transformed into a marital asset by “comingling.” Comingling occurs when marital and non-marital assets become indistinguishable. For example, if separate funds are deposited into a bank account that hold marital funds.
If you have significant separate property and you are concerned with ensuring that it remains solely yours, we can help you create a prenuptial agreement to protect your rights before you are married. If you are married and considering divorce, we can help you understand how your assets will be classified (marital versus non-marital).
Contact the knowledgeable attorneys at the Men’s Divorce Law Firm. Our office is located in Orlando, Florida, but we proudly serve husbands and fathers across the State.