When you are going through a divorce, you may be shocked by the number of financial considerations you must make during the process. However, one thing you may not have considered that could be at risk is your inheritance. As such, understanding how Flordia handles and divides assets during a divorce is critical. The following blog explores what you must know about these matters and why it is in your best interest to connect with Tampa property division lawyers who can help you navigate this process to fight for your best interest.
How Does Florida Divide Property During a Divorce?
When you get married, you will often have two kinds of property – marital and separate. Generally, your marital property, also called joint property, is any assets you and your spouse both own or that were obtained during your marriage. This includes a house you both purchased, income earned, and even contributions to your retirement account. Separate property is generally anything you owned before and after your marriage, like a business.
It’s important to understand that only joint assets are divided during a divorce. Any assets you own that are deemed separate will remain as such. However, if you have co-mingled your separate property, such as using funds from a joint bank account to pay for the expenses of your separately owned business, a separate asset may become joint property.
As such, any asset deemed marital property during your divorce is subject to distribution under Florida’s equitable distribution standard. Essentially, this means that assets will be divided based on each spouse’s contribution to the marriage. This means assets will not automatically be split evenly between spouses. The courts will consider several factors when dividing property, like how long the marriage was, the financial and domestic contributions to the marriage, and whether or not a spouse put their career on hold to support the other, among other considerations.
What Can I Expect to Happen to My Inheritance?
If you receive your inheritance during the marriage, you may worry that it will be split between you and your spouse. However, inheritances and most gifts obtained during the marriage will be considered separate property. As such, you do not have to worry about your spouse receiving a portion of the inheritance.
However, it’s important to remember that if you co-mingle your inheritance with other assets, it can be considered marital property and thus divided between you and your spouse. For example, if you inherited $50,000 and place it in your joint bank account, you won’t be able to withdraw that money when you get divorced. It will be considered marital property and thus, subject to division between you and your spouse.
If you are getting a divorce and want to ensure your assets are protected, it’s in your best interest to connect with Tampa Law Group. We understand how complicated these matters can be, which is why our firm will help examine your circumstances to determine what is separate property and what is joint property. This can help you best prepare your finances following your divorce. Additionally, we can help fight for the best possible outcome so you can focus on the next chapter of your life. Connect with us today to learn more.