In any divorce proceeding, the division of property and assets is often one of the most contentious issues. Determining which assets are marital and separate can be a complicated process. In many cases, it is not clear-cut whether you acquired an asset before or after the divorce was filed. If you are facing a divorce and are unsure about how your assets will be divided, you need to speak to a family divorce lawyer right away.
What Is a Marital Asset in the Eyes of the Law?
For an asset to be considered marital, it must meet two criteria. First, you must have acquired the asset during the marriage. Second, you must use the asset for the benefit of the marriage.
1. Asset Must Have Been Acquired During the Marriage
To be considered marital, you must have acquired an asset during the marriage. It means that any assets purchased or received before the marriage are generally considered separate property. For example, if you owned a home before getting married, that home would be considered separate property. The same is true for any assets received as a gift or inheritance.
2. Asset Must Be Used for the Benefit of the Marriage
Even if you acquired an asset during the marriage, it might not be considered a marital asset if it is not used for the benefit of the marriage. For example, if one spouse inherits money from a relative, that money would likely be considered separate property. However, if that money is used to pay bills or support the family, it would likely be considered a marital asset because you used the money to benefit the marriage.
What Happens If an Asset Is Acquired After the Divorce Was Filed?
If an asset is acquired after you filed the divorce, it will generally be considered separate property. Regardless of whether the asset was purchased or received during that period, it is true. For example, if you receive a bonus from your job after filing for divorce, that bonus would likely be considered separate property.
It is important to note that there are some exceptions to this rule. In some cases, assets acquired after filing for divorce may be considered marital assets if they were used for the benefit of the marriage. However, you will usually make this determination on a case-by-case basis.
What To Do If You Are Unsure About an Asset's Marital Status
If you are unsure about the marital status of an asset, it is important to speak to a family divorce lawyer. They will help you determine which assets are considered marital and which are separate. This information can be crucial in ensuring that you receive a fair property division in your divorce.
Separation of property and assets can be complicated, especially during a divorce. If you are unsure about how an asset will be treated, it is important to speak to a family lawyer right away. They will be able to help you understand your rights and ensure that you receive a fair division of property and assets in your divorce.
Can Assets Be Claimed After Divorce?
Assets acquired and claimed during the marriage are generally divided evenly between both parties. If one spouse tries to keep any of these marital assets after the divorce is finalized, there may be legal recourse for the other party. It could include filing a motion with the court or taking other legal action.
It is important to remember that property division does not end at divorce. Any assets acquired and claimed during the marriage are generally considered joint property, even if they are later sold or transferred to only one spouse. As such, either party can come back years later and try to claim a portion of those assets.
How To Protect Your Assets in a Divorce
Protecting your assets during a divorce can be tricky. If you are worried about your spouse taking advantage of the situation, you can do a few things to protect yourself.
- Keep track of all financial transactions: All financial transactions can help prove that an asset is separate property. If you have documentation showing that an asset was purchased or received before the marriage, this can help prove its status as separate property. It includes documenting any money that is transferred between spouses, as well as tracking credit card statements and bank records.
- Create a prenuptial agreement: If you are worried about your spouse trying to claim assets during the divorce, you may want to consider creating a prenuptial agreement. This document will outline which assets are considered separate and which are marital. It can also help protect you financially if things go south during the divorce process.
- Keep a detailed inventory of your assets: Keeping a detailed inventory of your assets can also help prove their separate or marital property status. This document should list all of your assets, including information on when you acquired them and how much they are worth. This information can help ensure that you receive a fair division of property and assets in your divorce.
- Hire a family lawyer: A family lawyer will be able to help you understand your rights and protect your assets during the divorce process. They will also be able to advise you on how to best protect yourself financially. Additionally, make sure to keep all communication with your lawyer in writing. It will help protect you in case there is a dispute later on.
Recommended Read: WHO CAN BE A PERSONAL REPRESENTATIVE OF An ESTATE?
Conclusion
It is critical to understand what constitutes a marital asset to make an informed decision about assets in a divorce. Generally, any property acquired during the marriage and used for the benefit of the marriage is considered a marital asset. However, there may be some exceptions depending on the state in which you reside. If you are unsure about an asset's marital status, it is best to consult with a family lawyer who can help protect your interests during divorce proceedings.
If you need legal assistance with a family law matter, please contact the Tampa Law Offices of Attorney Lizbeth Potts for a consultation or visit our website.
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