Creating An Inventory Of Your Marital Assets

Dividing assets during divorce can be a daunting prospect. Fortunately, there are steps that couples can take to help make the process easier, including creating an accurate inventory of both their marital property and their separate assets. The former should include all assets acquired during the marriage, regardless of which spouse purchased or received them, while the latter covers property acquired by either party before the marriage took place. Properly categorizing these assets is very important, as all marital property will need to be divided equitably between the parties upon divorce.

Marital Assets vs Separate Assets 

Marital assets include all property acquired by either spouse during a marriage. This can include everything from real estate and the contents of joint bank accounts to retirement funds and personal possessions. Separate assets, on the other hand, are those that were acquired before the marriage. This category, however, also includes:

• Non-spousal gifts received during the marriage;
• Inheritances left to only one spouse during the marriage; and
• Personal injury damages awarded to one spouse during the marriage.

Unlike marital assets, separate property isn’t subject to division upon divorce, but will remain the sole property of the original owner. It’s important to note, however, that even separate assets can become marital property when they are commingled. By placing separate funds into a joint bank account, for instance, a spouse gives up the right to sole ownership of that asset, as it has become commingled with the funds of the joint marital account. As a result, the contents of the entire bank account will qualify as marital assets and need to be divided equitably upon divorce.

How to Create an Inventory of Your Marital Property 

When creating an inventory of marital assets, couples will need to assess all of their assets, dividing them up between marital property and separate property. Creating a checklist of all assets is a good place to start, being sure to take note of bank accounts, real estate, vehicles, and investments. At this point, the parties should begin collecting documentation for each asset, including bank statements and titles and deeds, which can then be used to determine the value of each asset. It may also be necessary to hire an appraiser for help placing a value on certain items, such as artwork or jewelry. Finally, the parties will need to try to prove where, when, and how each asset was acquired, which will largely dictate whether it qualifies as marital or separate property.

Fort Lauderdale Property Division Lawyer

Creating an inventory of marital assets can go a long way towards helping ensure that a couple’s assets are divided fairly during divorce. We can help you throughout this process, so if you want to get started on inventorying your own property in preparation for divorce, please call dedicated Fort Lauderdale property division lawyer Sandra Bonfiglio, P.A. today. Consultations are offered free of charge, so don’t hesitate to call us at 954-945-7591 or to reach out to us via online message.

Sources: 

leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0061/Sections/0061.075.html

forbes.com/advisor/legal/divorce/florida-divorce/