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Assets that are at risk of being lost in a divorce

On Behalf of | Dec 26, 2023 | Divorce

Couples get divorced in Florida quite frequently. Despite how common divorce is, it is still almost always an extremely stressful and frustrating process for all involved. For one, you may be scared that you will lose your assets if you are going through a divorce, and this is certainly a possibility if you don’t take the right precautions.

Assets that can be lost in a divorce

First, you should be aware of exactly what can be lost in a divorce in Florida. Thankfully, not all property can be sent to the other spouse, but certain kinds of property can. Assets that can be lost include anything that is deemed as “marital property.” This can include nearly anything obtained during the marriage, such as:

  • Homes
  • Boats
  • Cars
  • Furniture
  • Artwork
  • Bank accounts
  • Retirement plans
  • Insurance plans

Strategies for protecting assets from divorce

Since there is so much at stake, many would-be divorcees may be worried about losing a lot of their assets during divorce proceedings. Thankfully, there are strategies to protect assets. These include:

  • Keeping marital and non-marital assets separated and clearly defined
  • Getting your spouse to sign a prenuptial or postnuptial agreement
  • Placing assets into a trust

Non-marital assets are generally defined as assets gained before the marriage by either spouse. If those are more easily identified, they will be spared in the divorce. A prenuptial or postnuptial agreement will also protect assets if your spouse agrees to sign them. Lastly, assets placed into a trust will generally be protected until they are transferred to beneficiaries.

If you are worried about your assets, you should start planning for their protection well before the divorce even happens. The efforts that you take now will prove fruitful in the long run.