When a Tampa couple decides that it is time to end its marriage, it can be very tempting to work through the process as quickly as possible so that the individual parties can move forward with their lives. However, rushing through a divorce can create more problems than it solves, particularly when it comes to resolving disputes over matters of property. A person can be well-served during their divorce if they assess all of their property interests during the process of dividing up their property from their spouse’s property.
When dividing property, it is important that individuals identify and protect those assets and items of property that are truly separate. An individual’s family law attorney can provide case-specific guidance on what may constitute separate property, but, generally, if property was attained before the marriage or with assets that were the separate property of the individual, then that property will be deemed to be the separate property of that spouse.
Marital property is usually any property that is not classified as separate. Marital property can be real estate, bank accounts, artwork, investments, cars, furniture, jewelry, and other items, both tangible and intangible. The partners to a formerly married couple will each walk away with some of what was previously shared between the two either through agreement or an order of the court.
Before starting a property division negotiation, it can be helpful for some people to catalog their assets so they don’t miss any before the division process begins. An early evaluation can help some individuals perform useful valuations of assets to ensure that they leave their marriages with a fair amount of what they deserve from their marital assets. Though the outcome of a property division process cannot ever be guaranteed, information about the property subject to division can help a divorcing party feel more comfortable about protecting their property interests.