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One of the most common questions an Orlando divorce lawyer is asked when discussing equitable distribution with a client is about nonmarital assets: what is a “non-marital” asset and how are such assets handled?
Orlando Divorce Lawyer on Non-marital Property – What Is Yours and What Is Not?
It boils down to this. Florida is not a state that has “community property”—where everything a husband and wife owns is owned together automatically. Therefore, it is possible to keep certain specific assets separate from the marriage so that they would not be affected if there is ever a divorce.
These things are known as non-marital assets, and they will not be considered when you are deciding how to split up what you own.
To speak with an experienced lawyer about divorce in Orlando,
call 855-Kramer-Now (855-572-6376).
An Orlando Divorce Lawyer Details Florida Non-Marital Assets
So, what qualifies as a non-marital asset in our state? There are five broad categories:
Agreed-upon non-marital assets. These are “created” non-marital assets. And how are they created? By a document written by your Orlando divorce lawyer that you and your spouse sign, such as a pre- or post-nuptial agreement. Once an asset is agreed upon as non-marital, it cannot be touched by your spouse.
Income from non-marital gifts. Let’s say a friend or family member buys you stocks for your birthday. As long as you don’t touch those stocks during your marriage and they are only in your name, your spouse should not be able to take them. It becomes more complicated if you invest more money yourself or use any of the income from the stocks while you are still with your spouse.
Any asset you got before the marriage. This is a big one in equitable distribution, because these days lots of people have student loans before getting married, or may get a 401(k) from an employer. For better or worse, those things are yours to own and deal with. Although, as any Orlando divorce lawyer will tell you, that changes for the 401(k) the second you add money to it after getting married.
Inheritances and divorce in Orlando. If a family member dies while you’re married and leaves you money, your spouse cannot try to get it. It’s as simple as that.
Liabilities created by forgery. Spouses sign each other’s name all the time. But if you forge your spouse’s name on something that becomes a liability (say, a credit card application and you then go out and charge tens of thousands of dollars on it), they can leave you on the hook for that bill as long as they can prove they did not sign the application.
Ask an Orlando Divorce Lawyer at TK Law Your Questions
Have a specific question about whether or not something is a non-marital asset? Speak with an experienced Orlando divorce lawyer to get the answers you need.
Call 855-Kramer-Now (855-572-6376)
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