The majority of couples do not contemplate their marriage ending in divorce. Even when a couple signs a prenuptial agreement before the marriage, it is usually to protect existing assets; it is not indicative of wishing to get a divorce. Unfortunately, over fifty percent of marriages in the United States end in divorce. With that in mind, there is a possibility that a couple will need to determine how to split marital assets. That is a complicated endeavor to begin with. However, what happens if one or both partners acquire assets after filing for divorce but before the court grants divorce? In this article, we will examine such a hypothetical.
What Are Marital Assets?
Marital assets are those assets that the couple acquired together. These are assets where both partners can claim ownership.
Assets Acquired After Filing for Divorce
This situation takes a few factors into account. The court will look towards the specific issues to determine whether the newly acquired assets are part of the marital property or not. There is no one size fits all, and the court will decide specifically on each case.
Prenuptial or Post Nuptial Agreements
The court will look into whether the couple signed either a prenuptial or postnuptial agreement. If so, then the court will look to see if the agreement acknowledges the possibility of someone acquiring assets after filing for divorce. If so, then the court will look to see if the agreement is enforceable or not.
Although Florida law does not allow for legal separation, couples may engage in a legal contract that essentially binds them as a separated couple while still married. If this is the case, the courts look into the date that the couple signed the agreement. Any asset acquired after the couple separated will be non-marital property. Therefore, the couple does not divide the property they acquired after filing for divorce.
Florida does not legally allow for separation, couples file for divorce without a separation agreement. When a couple files for a divorce, the petition itself usually serves as the moment when a couple will separate. In this situation, any assets acquired after a divorce petition was filed would be considered separate from the marital property and, therefore, would not be considered as part of the marital division of property.
What Happens To Debts?
Debts follow the same rule as assets. Any debt brought into the marriage by one partner will continue to be the liability of that partner. Any debts that occurred by the couple as a result of the marriage would be the legal liability of both couples. Debts acquired after a separation agreement was signed or after a divorce petition was filed would be considered the liability of the individual who acquired the debt.
Contact Thompson Law
One of the most complicated issues in dealing with divorce is the division of marital property. To ensure the process goes smoothly, and you receive those assets that you are entitled to, it is best to have competent advocates on your side. The lawyers at Thompson Law have years of experience in handling complicated divorce proceedings and will work to ensure you receive your fair share in the divorce.