If you are going through a lengthy divorce, there are a lot of questions that you may find yourself contemplating throughout the process. Tensions may arise when determining how assets will be divided, even in the friendliest of divorces. One of the largest considerations in a divorce is sorting out who gets what in the divorce. In these cases, a divorce attorney Tampa, FL trusts will be helpful in d
How Will Assets Be Divided in My Divorce?
If you are going through a lengthy divorce, there are a lot of questions that you may find yourself contemplating throughout the process. Tensions may arise when determining how assets will be divided, even in the friendliest of divorces. One of the largest considerations in a divorce is sorting out who gets what in the divorce. In these cases, a divorce attorney Tampa, FL trusts will be helpful in distinguishing separate versus community property as this can vary depending on the state you live in. Some states, like California, divide all assets straight down the middle. However most states require the judge to sort out how assets will be divided in the fairest way possible. Community property is considered anything that was acquired together in the marriage. Separate property can include assets such as inheritances; gifts that were given to the spouse, or even separate bank accounts.
When You Inherit Money or Property
Determining whether or not your ex will be entitled to assets you may have inherited from the passing of a loved one is a question that commonly comes up. If you were left an inheritance with no mention of your spouse, they are considered separate property. That means, they would not be entitled to it in the divorce. There is an exception to this, if you shared the inheritance, and used some of it for things that you owned or did together, it becomes community property.
Nearly all people find that going through a divorce can be an emotionally draining process. When it comes to dividing assets, it can be disheartening knowing that you will have to part with some things that you may find important to you. An attorney will be able to protect your best interests while you withstand the divorce process. They will also be vital in appropriating what is rightfully yours in the divorce.
When Assets are Hidden
If the divorce is a disagreeable one, you may find that the process is even more stressful. It can be common for a spouse to hide assets from the other so that they aren’t subject to being divided. Common ways assets may be hidden are:
Accounts that a spouse never knew about
Undervaluing or hiding belongings of value such as antiques or artwork
Putting assets in the names of others while undergoing the division of assets
It will be important prior to filing for divorce to have clear documentation of assets that you and your partner own before filing for divorce. Locating assets can require more time and money because you will have to prove that the assets existed. Often this is done through the discovery process; by having people deposed who may be able to attest to those assets.
Thank you to our contributors at the Mckinney Law Group for the above information.