Division of Assets in Divorce – Separate Property
In a contested divorce in Florida, the process of equitable distribution serves to divide marital liabilities and marital assets between the divorcing couple. Tampa divorce attorney Nilo J Sanchez & Associates explains equitable distribution in detail on our website.
Read : Equitable distribution in Contested Divorce
There is also an allowance in the law for “unequal distribution of assets” and separate property that may be considered in some cases. Some property does not have to be “equally” divided between divorcing couples.
Read: Marital Property Division in Florida Divorce & Cut off Dates
What are some exceptions when it comes to “unequal distribution” and separate property in Florida Divorces?
- Inheritance – Inheritances that were given to just one of the divorcing spouses would be considered separate property, but only if not comingled with other assets that are not considered mutual property or assets.
- Gifts – Gifts, much like any property that may have been acquired before marriage are not considered marital property and are not subject to equitable distribution. Gifts that are acquired by one spouse during the marriage may be deemed separate property, only if not comingled with other assets. If comingled with other marital property gifts may be subjected to equitable distribution.
- Personal Injury or Other Monetary Awards or Settlements – Depending on the nature of the award, some personal injury settlements or other monetary awards may or may not be considered separate property when divorcing in Florida. Tampa divorce attorney Nilo J Sanchez will advise you as to whether your settlement would be considered marital property or not. Comingling monetary awards with mutual marital assets would likely prevent them from being deemed separate property.
What is an example of co-mingling gifts, inheritances or settlements?
Perhaps you believed your inheritance would be all yours, but you’ve now learned that Florida law allows for certain circumstances that would entitle your spouse to a portion of that money or property. Depending on the circumstances, an experienced Tampa divorce attorney through negotiations and mediation with the parties may be able to reach an agreement that may exclude or include “separate property” from an equitable split.
There are several examples of comingling property or assets that would normally be considered separate property. If one spouse receives a personal injury award or other type of settlement during the marriage, then places that money in a mutual bank account used for marital expenditures, again, this award could be subject to equitable distribution or a 50/50 split.
Tampa Divorce Mediation / Marital Settlement Agreements
In divorce cases in Tampa Bay, couples will first be sent to divorce mediation. Mediation serves to help the couple work through the things that may be settled in a Florida divorce. This includes but is not limited to, property division or distribution of assets and liabilities. Read : Contested Divorce
It is highly beneficial to hire a Tampa divorce attorney who has the mediation and negotiation skills that will help you to reach your desired goals. In divorces where there is high net worth or considerable assets, negotiating these financial aspects of your contested divorce can prove to be cost effective and can minimize high conflict in other areas such as timesharing and custody.
Nilo J Sanchez & Associates are Tampa Divorce Attorneys with over 26 years of experience in Florida Family Law. Our Family Law & Divorce Attorneys offer focused legal solutions and strategies for divorcing couples in Tampa Bay. If you are interested in the collaborative process by way of marital settlement agreements in an effort to avoid the cost of divorce litigation, please contact our office for a consultation.
A collaborative divorce process particularly when represented by a seasoned Tampa divorce lawyer can achieve positive results when settling the financial aspects of a contested divorce.
READ: Collaborative process vs. Marital Settlement Agreement
Divorce Consultations Tampa Bay, FL
Inquire below or call 813-879-4600 for a consultation with Nilo J Sanchez & Associates. We represent clients who need an experienced family law and divorce attorney in Pasco County, Hillsborough and Pinellas County, FL .