You will also have to undergo the asset division process when going through a divorce. This takes all shared or community assets and equally or equitably divides them between you and your spouse.
But how do you know what assets count as community assets in the first place?
Marital Assets: Separate Property
How are marital assets divided in divorce? As The Business Professor explains, marital assets usually fall into one of two categories. The first is separate property.
Separate property does not get divided during a divorce. This typically includes gifts that you receive directly, assets that you held before the marriage, and any inheritance received during the marriage. Note, however, that not all separate property stays separate through the lifespan of the marriage. For example, if you put separate assets into a joint bank account, they become community assets. There are different laws surrounding crypto divorce settlements.
Marital Assets: Shared Property or Community Assets
Joint bank accounts are among the numerous assets that count as community or shared property. This is the property that will be divided in the divorce.
Community assets typically include things like cars, houses, or land parcels. Anything signed under both names of the couple or purchased with assets from both members will usually fall under this category, too. It’s important to note that you should never remove marital property before a divorce, regardless if you think it belongs to you or not.
Tampa Property Division Attorneys Can Help Determine What Your Community Assets Are
Deciding what community assets are and what separate property is sometimes harder than it looks, however, especially when accounting for home equity in a divorce. This is why many people need a little help while going through the process to ensure they do not mix up assets or exclude anything that should be included in the division.
To learn more, contact one of our Tampa property division attorneys.
