Gain an understanding of the property you believe to be yours, and how its status as marital or non-marital property dictates what is done to it during divorce.
"What is the difference between marital and non-marital property?"
You must also consider your liabilities. What do you owe? This must come into the mix too. Often, the parties fail to ensure that the person to whom the debt was assigned in the marital settlement agreement or divorce decree properly pays the debt. Remember: a creditor is not bound by the agreement between you and your ex or the court order. If it is a joint liability, they will look to you if not paid, regardless of any "agreement" or order.
After you've listed all your assets and liabilities, the courts look at whether your property is marital or non-marital. Marital property is subject to being divided by the court (or by the parties in a marital settlement agreement); non-marital is not. Non-marital assets and liabilities include:
Marital assets and liabilities include:
Amy C. Boohaker (J.D., CFP¨, CDFAª) is an attorney admitted to practice in Florida, Texas, and Louisiana. The Law Office of Amy C. Boohaker, P.A. is located in Sarasota, Florida. Ms. Boohaker specializes in bankruptcy law and in the financial aspects of marital dissolution (divorce), including property division and pension division through Qualified Domestic Relations Orders (QDROs). She can be reached at (941) 366-9690.