Non Marital vs Marital Property - How is it Decided?

    A major issue in many divorce is whether property is belongs to both marital partners, or is the property of only one person.

Two of the major myths:

    * It does not matter if only one person is on the title or deed.  A judge can change that with one stroke of a pen. 

    * It does not matter if only one person is listed on a debt.  A judge can redistribute responsibility for that debt.

 

     The most common dispute is over the marital home.  There are rules of thumb to determine whether the equity in the home is marital or non marital:

    * A home purchased prior to the marriage will probably be the property of the person      who owned it before marriage.

    * A home purchased during the marriage is joint property and will be divided at sale.

    * Even if the home is non-marital, appreciation of the property that happens during the marriage may be marital property.  The appreciation can be calculated by an appraiser and the number can be used during divorce proceedings.  The question to be addressed is whether the efforts of either spouse resulted in an increase in value.  There is no black and white answer and the outcome of this issue is usually disputed.

    This is one of the most complex areas of law for a do-it-yourself person to tackle.  If you have a large amount of equity in your home, you will always come out ahead by hiring an attorney.  If the home is marital property, and the fact that it is marital is not disputed by either spouse, there is less danger in a do-it-yourself divorce.

Divorce can be the single most important event in your life.  Make sure you gather lots of information so you can make informed decisions.  Many people can benefit from the advice of a good, honest, loyal divorce attorney.  The Divorce Center can provide a divorce attorney that can help you protect yourself.  A lawyer is not an expense in a divorce case - they are an investment. We help clients in Hernando County, Pasco County, Pinellas County, and Hillsborough County. Our service area includes Tampa, Clearwater, Largo, New Port Richey, Brooksville, Dade City, and the New Tampa area. CONTACT US NOW or call 888-469-3486