Protect Assets Prior to Divorce

It’s important for anyone involved in a divorce to work with a divorce attorney who is committed to achieving the best possible outcomes on a number of fronts, not the least of which is related to finances. Florida is an equitable distribution state, meaning that in a divorce marital property will be divided equitably, not necessarily equally, based on a number of factors. Courts generally seek to parse out premarital assets as protected, but there are plenty of exceptions to this. You’ll have to make some very smart decisions in order to come out well and keep those assets truly separate.

Understanding Separate Property

The things that you owned prior to the marriage, like your car or home, are considered separate property. In addition to those items, gifts given specifically to you, inheritances, and any awards you may have from lawsuits is separate property. Finally, any property called out as separate in a settlement agreement or separation agreement is noted as such. Florida law states that you can keep whatever you had when you entered the marriage. Additionally, you keep any debt you brought to the marriage, from student loan debt to credit card debt and more.

Understanding Marital Property

Assets accumulated during the course of your marriage are considered marital property. This includes equity in a home, retirement accounts, and so forth. These are the assets and debts that will be divided between you and your spouse in a divorce.

Understanding Equitable Distribution

Again, marital property must be divided equitably in a divorce. Circumstances including the relative income of each spouse, non-economic contributions to the marriage, quality of life, childcare responsibilities going forward, are some of the central issues weighed as marital property is divided.  The goal is to ensure that neither party is impacted disproportionately in the divorce.

Protecting Assets

There are several things you can do to unmuddy the waters and protect your assets:

• Have a pre-or post-nuptial agreement calling out specific issues.
• Keep a business you own as separate property in legal documentation.
• Avoid commingling separate property with marital property. For example, if you had your own CDs or savings accounts prior to the marriage, keep them separate throughout the marriage.
• Don’t add your spouse’s name to the deed on a house you owned prior to marriage.
• Set up a trust that moves the title to specific property/assets to an entity that holds it for a particular beneficiary like your kids.

Getting Things Done Right

At WiseLieberman our experienced Boca Raton divorce attorneys always fight to achieve your goals. To discuss, contact our office today.