Articles Tagged with marital assets

woman hiding money behind her backUnfortunately, divorce can be a very difficult affair that sometimes brings out the worst in people. One of the ways this happens is when one spouse attempts to hide their assets. There are many reasons why someone would keep certain assets hidden. They may simply want to hide money, or they could be trying to protect certain property that they do not want to risk losing. Though it may not be a criminal offense, hiding assets in a divorce in Florida can still lead to serious legal consequences.

What Are the Consequences for Hiding Assets in a Divorce?

The state of Florida practices equitable division of assets in the cases of divorce. However, this does not always mean an even 50/50 split. In some cases, the court may rule in favor of one spouse receiving more than the other. If the court finds that your spouse has been hiding assets, they will face various penalties, including:

the signature field on divorce papersDividing assets in a divorce can be a very difficult process. Things become even more complex when there are significant assets involved or if the couple divorcing is at all hostile. Since all states have different laws regarding the division of assets, it’s important that you thoroughly understand your state’s specific laws. You may want to seek the expertise of a Jacksonville divorce attorney to guide you through Florida’s specific laws.

In a divorce, only marital assets and liabilities are divided. This refers to all property acquired during the marriage, regardless of ownership or title. One of the first things you should do together is complete a list of all marital assets. If you can do so amicably, it makes the entire process faster and easier. Items that must be on this list include: your home, joint property such as land or vacation homes, any vehicles, valuables like jewelry and artwork, household belongings such as furniture and appliances, bank accounts, securities and retirement plans.

In the state of Florida, the law calls for an equitable distribution of marital assets and liabilities. A judge will set aside all non-marital property, also known as separate property. This is any property that each spouse previously owned and brought into the marriage. But be aware that this is not always so straight-forward, as some non-marital assets can become mixed with the marital property. An experienced Jacksonville divorce attorney can advise you on the technicalities of separate assets.