If you’re going through a divorce, you will need to draw up a property settlement agreement to determine how to divide your marital assets. If you’re unsure of what to include in this type of agreement, you can get to know some of the basics below. Then you need to talk to a divorce attorney for guidance throughout the process.
What Is a Marital Asset?
In many states, including Florida, a marital asset is anything you or your spouse acquired during the marriage. This applies even if you bought an item with your own money or put it in your name only. For example, if your spouse bought a car and did not include your name on the title, it is still a marital asset. This means it is subject to equitable distribution.
Typically, marital assets include the house, car, boat, clothing, jewelry, retirement accounts, savings accounts, artwork and furniture, along with anything else acquired during the marriage. But any items acquired by one spouse before the marriage are nonmarital property and won’t be divided up in the property settlement agreement.
What Is a Property Settlement Agreement?
This agreement provides clarity on how you and your former spouse split your marital assets. It’s basically a list of the assets each of you would like to keep, and you will both have to come to an agreement on it during the divorce. This is a major step in the divorce process, and one that a lawyer will need to help you with.
What Is the Process of a Property Settlement Agreement?
In most cases, you and your former spouse will separately draw up agreements that list all of the assets each of you wants. Your lawyer will help you create yours. Then you and your former spouse will each read the other’s document. Even if you agree to the list of assets your ex wishes to keep, you should consult with your lawyer before signing it to make sure you will be satisfied with the agreement in the long run. If you cannot agree on what assets each will get, a judge will help decide in court.
To get started on your property settlement agreement, contact Laura Spencer Coleman today to talk to a knowledgeable, compassionate family law attorney in Northwest Florida.