When a Florida couple files for divorce, they must resolve numerous issues before the judge overseeing the case can issue a final decree. If the couple has children, matters of custody, child support and visitation may be in question. In all divorce cases, property division proceedings take place to determine who gets what and who will be held financially responsible for any debts in existence at the time.
Many spouses mistakenly assume that if they have a separate bank account, the funds in it when they divorce belong to them. However, this is often not the case at all. While Florida is an equitable property state, there are still issues that could complicate property proceedings regarding bank accounts in divorce.
If a spouse has an account in his or her name but deposits money generated from a jointly owned business, for instance, then said money might be considered marital property. To avoid confusion, many spouses sign prenuptial agreements before their wedding day. Such an agreement can specify which spouse owns a particular asset if both agree that they do not wish it to be subject to division if they choose to divorce at some point.
Property division issues can prompt contentious battles in court if Florida spouses disagree about ownership or if one spouse is trying to hide assets to gain an upper hand in proceedings. An experienced family law attorney knows how to combat such tactics to protect a client’s rights and to help make sure the court is able to make a fair and just decision. Any man or woman in need of guidance and support regarding all aspects of divorce can request a consultation with a family law attorney at any time.