Florida is an equitable distribution state when it comes to property division during the divorce process. This means that your marital assets will be divided in a fair fashion. This doesn’t mean that assets will be equally split, though. Therefore, if you want to position yourself as favorably as possible for your financial future post-divorce, you need to make sure you know how to identify marital assets and loop them into the property division process.
Beware of hidden assets
That’s oftentimes easier said than done, of course. After all, when there’s a bad breakup, one spouse might try to do everything in his or her power to hide marital assets for his or her own personal use post-divorce. This can completely disrupt equitable division of the marital estate. So, be on the lookout for these signs that assets are being hidden:
- Your spouse maintains control over all marital finances
- You spot large withdrawals from joint bank accounts that can’t be justified
- You see new payments being made to new credit cards
- Your spouse opens a new bank account or obtains a post office box
- A business’s debts have suddenly and unexpectedly increased
- Your spouse’s lifestyle doesn’t match what he or she says about his or her financial standing
Again, these are just some of the red flags that you need to be on the lookout for. If you identify any of them, then you should investigate further.
Protect your interests during property division
The outcome of your property division can have a tremendous impact on your future. That’s why it’s imperative that you know how to navigate this challenging process. By doing so competently, you can get through your divorce with confidence, fairness, and the respect that you deserve.