January 12, 2021

Marital Assets and Divorce Law: Our Guide for Clients

Settlement of marital assets is one of the most contested issues for divorce cases because there may be valuable resources you can use for your financial security. However, you have to be careful with your spouse and in reaching an agreement. That is why you have to know more about divorce law and marital assets. 

This article will discuss questions commonly asked during a divorce regarding their assets. Take this as an opportunity to deter your standing after your divorce case as you negotiate different terms and conditions. You can also recognize this article as a starting point to better visualize your financial situation and social security, allowing you to be prepared for what’s to come after the divorce settlement. 

How Will The House Be Divided Equally in a Divorce? 

The home is one of the most commonly fought-for assets in a divorce due to its complexities. For instance, you may fall into a situation wherein your spouse will try to acquire it as they push a claim stipulating that they paid for a large sum of the mortgage, leading you to be homeless. Fortunately, divorce cases often use a partition claim, enabling the equal division through an appraisal and buy out or sale of the property. 

Usually, you can expect the marital settlement for a house in the form of money—half goes to you, the other to your spouse. It may mean the property may need to be sold first. However, be careful if your bank is involved in your divorce case, as it may further complicate the settlement. Consult with your divorce lawyer to help you make the best decisions.  

Can I Lose My Assets During My Divorce Case? 

It’s normal to feel worried about your personal assets, especially those with sentimental value since your spouse can claim them during the divorce. Marital asset identification should be a straightforward procedure that lets you and your spouse each receive an equitable distribution. Do always be prepared for any situation as your case may be a high-asset divorce with varying ownership complexities. 

As such, you must have a professional legal team supporting you and helping you safeguard all your personal assets and appeal for any fair settlements. This way, you can avoid conflicts that will only prolong the agony of your case. It is important to know the law. For instance, divorce law in Florida may identify separate properties as marital within special terms. You can always refer to your attorney for more information regarding this.

Can I Use the Prenuptial Agreement? Is it More Beneficial? 

If you and your spouse signed a premarital agreement or prenup, there might be specific terms and conditions, such as the distribution of debts and assets, that can guide you through your divorce case. This document is more favorable than going through the traditional distribution of assets wherein a judge will state how everything will be allocated. 

If you have a prenup, you can make revisions suitable to your current situation. However, it’s best to oversee this with your attorney to get the best possible outcome while meeting legal obligations. 

Conclusion 

Handling the marital assets with your divorce case can be overwhelming, especially if you are unsure if you are going about it correctly. Fortunately, you now have a better understanding of what to expect and what you need. You just need to work with your legal team, stay committed to the facts, and comply accordingly. Seek professional legal counsel today! 

Are you looking for the best divorce lawyers in Jacksonville? Consult with us today at The Dorsey Law Firm. We can provide you with the best recommendations to help you manage your marital assets and other related concerns. Settle your divorce with us and learn more about the process through our legal resources

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