How to Separate Assets & Debts in a Divorce

One of the main reasons couples get married is to better split their assets to ensure both partners are working toward their goals together. But what happens to all those assets and debts accrued over time if the couple decides to divorce? Before anything can be divided, all property, assets, and debts need to be categorized by the divorce lawyers in Pasco County, FL, as either separate assets and debts or marital assets and debts.

Separate assets and debts include anything that either party acquired before the beginning of the marriage. These assets and debts are not subject to division. Additional property may also be classified as separate property as indicated herein.

Martial assets and debts, on the other hand, include everything either party acquired during the marriage. These assets and debts are subject to division, but there are some exceptions, such as gifts, inheritance, and items excluded by a pre-or-postnuptial agreement—among others.

Once all the assets and debts have been identified, you and your lawyer will begin the negotiation process with your soon-to-be-ex and their lawyer. If an agreement can be reached, a judge will review the settlement and approve it. If an agreement cannot be made, then the process with move entirely to the courts to help mediate a fair compromise for all parties involved.