Divorcing in Tampa Bay & Asset Protection
Asset division for divorcing spouses in Florida is called equitable distribution. Equitable distribution is governed by Florida Statutes 61.0075. When divorcing in Tampa Bay, one of the first things that must be addressed is the division of assets.
During the process of asset division, couples are required to “set apart” non-marital assets and liabilities. To this point, safeguarding your separate property is a must and there are several ways this can be achieved.
Protecting Your Separate Property
When divorcing in Florida, any assets either spouse acquired during the marriage count as marital property, even if the asset is in one spouse's name.
You can protect your non-marital property by entering into a prenuptial agreement or a postnuptial agreement. It is crucial to hire an experienced Tampa Florida marital law attorney to draft these contracts, so they will hold up in court should they be challenged.
Separate property, or non-marital property, includes:
- Assets that either spouse owned before the marriage
- Gifts and inheritances
- Property identified as separate in a prenuptial agreement or a postnuptial agreement
There are, however, reasons for the courts to consider unequal distribution of assets and liabilities and an experienced Tampa contested divorce attorney can find those relevant factors in such cases. Otherwise, equitable distribution allows for a presumption of the courts to consider a couple's asset "equal" and to be divided as such in a divorce settlement.
Read: Worried About Dissipation of Assets in a Tampa Bay Divorce?