Posted by Nydia Streets of Streets Law in Prenuptial Agreements
Divorcing parties in Florida often wonder what belongs to whom when it is time to divide assets and debts. Many incorrectly assume that title to an asset or debt decides who owns or owes these. However, as with many aspects of divorce, it’s not so simple and clear cut.
Generally, assets owned and debts incurred prior to marriage are considered the sole property or debt of the party in whose name the asset or debt is titled. During marriage, a party can take steps which convert property to jointly owned such as:
1. Adding the other spouse’s name to the title of property for non-testamentary reasons;
2. Showing an intent to gift the property to the other spouse by word and/or deed; and
3. Commingling marital assets with non-marital assets (for example, adding marital funds to a separate bank account that holds non-marital funds).
Similarly, separate debts can be taken on by the non-owing spouse by conduct that evidences an intent to become liable for the debt.
Ultimately, one of the best ways to keep property truly separate is to enter a Florida prenuptial agreement or a postnuptial agreement. This contract can lay out expectations and obligations for both parties. Contact a Florida prenuptial agreement lawyer to see how a contract can be tailored to you and your needs.