How Can I Protect My Assets in a Divorce?

How Can I Protect My Assets in a Divorce?

It’s hard to think about the worst-case scenario when you plan to get married. After all, thinking about the possibility of you or your spouse asking for a divorce someday can dampen the mood of marital bliss and romance. This refusal to recognize the possibility of divorce and the fear it will ruin the romance is why many couples refuse to consider prenuptial agreements.

But what if you acquired property and saved a significant amount of money? Or what if you made potentially high-yielding investments before you got married? The reality is that being unprepared for this possibility of divorce may leave you worrying about how to protect your assets someday.

Plan Ahead to Protect Your Assets

It can be easy for one spouse to take advantage of the other. It is important to plan ahead of the divorce. That is why divorcing couples should consider taking legal steps before anything goes wrong with their relationship and all assets become shared property. Ways you can protect your assets include prenuptial agreements and estate planning.

If you are preparing for a divorce and have no prenuptial agreement in place, there are still things you can do to protect your assets from your soon-to-be-ex.

Tip: If you are going to receive an inheritance it is a good idea to consult an attorney if you wish to keep the inheritance protected in a divorce.

Understand the Basics of Division of Marital Assets: Know what you are entitled to.

In Florida, divorce proceedings are equitable.  This means that spouses will not be entitled to more than they would receive if the divorce had occurred without fault. 

The law on the division of marital assets means that divorce courts will not favor one spouse over another. The divorce proceedings are more or less a 50/50 split with some wiggle room for exceptions based on factors like adultery, mental abuse, etc.

Division of marital assets includes things such as property acquired during the marriage. These often include the house, car, investments, retirement accounts, and anything else acquired during the marriage. These are typically split evenly between spouses.  There are some exceptions for things like divorce settlements or agreements reached before divorce proceedings began.

The divorce process also includes other assets, such as pension plans and retirement accounts. That said, it is essential to know what you’re entitled to in a divorce before negotiating the terms of such with your spouse. In Florida, both parties must agree about how to divide these types of assets.

Therefore, one of the first steps when going through a divorce is to classify property into marital and separate properties. Only marital assets and debt are subject to equitable distribution. So if you have assets that qualify as individual property, your spouse is not entitled to it.

Differentiating marital properties from separate assets is usually a straightforward process. However, it can become complicated in high-asset divorces.  Sometimes spouses demand more than they are entitled to. If you have separate assets and worry about your spouse fighting to take a portion of it, hire an experienced divorce attorney who will represent your interests. All cases are fact-specific.

Attorney Diaz has served the Tampa area since 1995 and can answer your questions regarding the division of assets.  Attorney Diaz practices exclusively in divorce and family law in Florida.

If you would like to discuss the specifics of your assets and the impact of a divorce call Debora A. Diaz Esquire at 727-846-1802 to schedule a consultation or use the Scheduling Link: https://deboradiazlawscheduling.as.me/.   All consultations are by telephone or video conferencing in order to protect our staff and clients.

Debora A. Diaz is also a Florida Supreme Court Certified Family Mediator.