Asset and debt management are a challenging issue that must be addressed when two people decide to pursue the divorce process. At The McKinney Law Group, we understand the importance of providing clear and concise guidance to those going through this process. Our aim is to help individuals make informed decisions. Below are some of the most commonly asked questions that we encounter as family lawyers.
How Are Assets Divided In A Divorce?
In divorce proceedings, the division of assets often follows the principle of equitable distribution. This doesn’t necessarily mean a 50/50 split, but rather a fair division based on various factors, including the length of the marriage, the financial situation of each spouse, and contributions to the marriage, both financial and non-financial. We strive to ensure that your financial interests are protected and that the division is as equitable as possible.
What Happens To Our Debts When We Divorce?
Just like assets, debts are also subject to division during a divorce. This includes debts accumulated during the marriage, such as credit card debts, mortgages, and loans. The responsibility for these debts will be divided in a manner that is deemed fair, considering who incurred the debt and who benefited from it. We’ll work with you to understand your specific situation and help manage the division of debts in a way that minimizes your financial burden.
Can I Protect My Inheritance From Being Divided?
When considering the division of assets, it’s important to note that in many situations inheritances are typically considered separate property. However, if the inheritance has been commingled with marital assets, such as by depositing it into a joint account or using it to fund joint purchases, it may be partially or fully considered a marital asset. We may be able to help you trace and document your inheritance to protect it from division in your divorce proceedings.
How Is A Business Owned By One Spouse Handled In A Divorce?
The handling of a privately-owned business in a divorce can be complex. If the business was established or developed during the marriage, it might be considered a marital asset, subject to division. The value of the business needs to be assessed, and we can guide you through the valuation process. We also explore various options for division, which could include one spouse buying out the other’s interest or continuing to co-own the business post-divorce.
What Should I Do To Prepare Financially For A Divorce?
Preparing financially for a divorce involves several key steps: gathering financial documents, understanding your current financial situation, and anticipating future needs. It’s important to create an inventory of all assets and debts, understand your income and expenses, and consider the costs of post-divorce life. Our role is to help you organize your finances and plan strategically for your future.
How We Can Help With A Smooth Transition
Careful consideration and informed decision-making are key aspects when it comes to managing debts and assets during divorce. Our team is committed to providing personalized guidance to help you navigate through these complexities. Seeking a Tampa, FL family lawyer to assist with your divorce, don’t hesitate to reach out to us. We are here to support you through every step of this challenging process, ensuring that your financial interests are safeguarded and your transition into the next chapter of your life is as smooth as possible.