What Are The Best Ways To Protect Your Financial Assets When Going Through A Divorce?

Going through a divorce is mentally and emotionally draining. But, it can also be financially draining, especially if one’s financial assets are left unprotected.

To prevent one’s financial assets from being misused or taken, there are several things that can be done. By being aware of these things, and then actually doing them, it’s easier for a spouse to protect their financial assets.

How Are Financial Assets Divided In A Tampa Divorce?

 Right before we go over how a spouse can protect their financial assets, we must define how, exactly, financial assets are divided in a Tampa divorce.

With the above in mind, the state of Florida has two major classifications for assets. And, these asset classifications are as follows:

• Marital assets.
• Non-marital assets.

A marital asset is an asset that was acquired during the marriage. A non-marital asset is an asset that was acquired before the marriage.

Every marital asset is subject to division, throughout the Tampa divorce process. And, as such, if two spouses purchased houses and cars and other assets, during their marriage, then these assets will be divided.

To divide these assets, the state of Florida relies on equitable distribution laws. By relying on these laws, all marital assets are divided in an equitable manner, although not, necessarily, a perfectly equal one.

What Are The Best Ways To Protect Your Financial Assets When Going Through A Divorce? 

To begin using the two ideas found below, one should first contact a property division lawyer. By doing so, a spouse can understand how to make use of the ideas outlined below, while also finding other ways to protect their assets.

Assess Your Assets 

A spouse who wishes to protect their assets should, first, go over each and every one of the assets that happen to be in their possession. Some of the assets that a spouse should go over and assess are as follows:

• Bank accounts.
• Real estate.
• Retirement accounts.
• Vehicles.
• Furniture.
• Artwork.
• Electronics.

Outside of those assets, a spouse should also go over their debts. Some of the debts that a spouse should go over and asses are as follows:

• Credit card debt.
• Loan debt.
• Mortgage debt.

All of this information will allow a spouse to determine, and then document, what is rightfully theirs and, in turn, what is not theirs/what is considered marital property.

Protect Your Financial Information 

During the divorce process, a spouse who wishes to protect their financial assets should, more anything else, protect their financial information. By doing so, they can prevent the other spouse from obtaining this information and using it against them throughout the divorce.

Some of the best ways a spouse can protect their financial information are as follows:

• Change the passwords for their bank accounts and other, related, financial systems.
• Say very little to others, regarding their financial situation.
• Keep their debit cards, credit cards, and other financial documentation in a secure place.

Each one of these steps will ensure that a spouse’s financial information is protected, allowing them to protect their financial assets.

Speak With A Tampa Property Division Lawyer 

You can protect your financial assets in a divorce and, by speaking with a Tampa property division lawyer at Westchase Law today, we will be able to help you do so.

Sources: 

law.cornell.edu/wex/marital_property

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html